As a seasoned crypto investor with a few gray hairs and battle scars from the rollercoaster ride that is the cryptocurrency market, I can’t help but feel a mix of excitement and skepticism upon hearing about the potential golden cross forming for Dogecoin (DOGE). I vividly remember the meteoric rise of DOGE in 2021, which saw it go from a laughing stock to a serious contender within the crypto world. The last time this coin experienced a weekly golden cross was back then, and it propelled DOGE to unprecedented heights.
As a crypto analyst with a focus on identifying trends in the market, I’ve noticed some promising technical indicators for Dogecoin (DOGE). Specifically, I’ve detected the potential for a “golden cross” formation within the next 2-3 weeks based on its price chart.
When the 50-week and 200-week moving averages intersect in an uptrend on a stock chart, this configuration is referred to as a “golden cross.” This event is significant for technical analysts who believe it may indicate the start of a prolonged bull market.
For DOGE, the importance comes from its historical price trends. The last occurrence of a golden cross in this meme cryptocurrency was back in May 2021, and it triggered an impressive rally that propelled DOGE’s price by more than 18,000% within six months. As a result, the coin soared from a value of $0.003 to a peak of $0.75 per unit.
Dogecoin is approximately 2-3 weeks away from experiencing its first weekly golden cross in the past four years. Previously, when this happened to Dogecoin around six consecutive months of exponential growth followed, with a surge of over 18,000%. #Dogecoin #Altcoins #Crypto
— Kevin (@Kev_Capital_TA) July 24, 2024
As a crypto investor, if history repeats itself with the formation of another golden cross for DOGE and similar price action ensues, I believe DOGE could potentially hit a price tag of around $23.40 per coin. Consequently, Dogecoin’s market capitalization might surpass the impressive milestone of $3.48 trillion.
Although the prospect of a golden cross leading to a significant price hike is enticing, some investors might consider this outcome as rather unlikely. They argue that the crypto market has evolved significantly since then, and Dogecoin’s current market capitalization is vastly different from what it was in 2021.
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2024-07-24 19:09