As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. The upcoming potential “golden cross” in Dogecoin (DOGE) is an interesting development that has piqued my curiosity.
The cryptocurrency based on dog themes, Dogecoin (DOGE), is nearly ready to execute a possible “golden cross,” a chart pattern that materializes when a brief moving average, typically the 50-day simple moving average, rises above a longer moving average like the 200-day simple moving average. This event is often interpreted as a bullish sign.
From my perspective as a crypto investor, I’ve observed that Dogecoin’s 50-day Simple Moving Average (SMA) has started to climb and seems poised to cross above its 200-day SMA in the coming days, which is often referred to as a “golden cross.” This pattern suggests that the short-term price trend might be gaining speed compared to the long-term trend, potentially signaling a bullish momentum that could lead us to an upward trend, or a ‘bull run.’
Intriguingly, it’s worth noting that November 2023 saw Dogecoin recording its latest ‘golden cross’. Remarkably, this isn’t the first time such an occurrence happened in November for Dogecoin. The digital currency also experienced a golden cross in November 2022, making it two successive years where this bullish signal appeared in the same month.
Based on current market signs, it appears probable that Dogecoin could experience another golden cross in November. Should this occur, it will mark the third consecutive year that such an event happens for Dogecoin, a unique and significant pattern in its crypto trading history.
Bullish November?
Discussing the intrigue surrounding the potential for a third successive “golden cross” event happening in November 2024, as similar occurrences were noted in November 2022 and November 2023.
Cryptocurrency expert Ali anticipates a steep upward trend, or “parabolic bull run,” for Dogecoin in November if it consistently closes above the price point of $0.20.
On the other hand, the moving average-based crossover strategy can be subject to criticism as it’s a delayed indicator, potentially keeping traders in positions that could prove unfavorable within the market.
Back in November 2022, I witnessed a challenging period for Dogecoin when it experienced a 16% loss. However, the following year in November 2023, I was pleasantly surprised to see Dogecoin rallying, with a robust 22% growth over the month, delivering positive returns.
In the upcoming days, there’ll be keen interest as a possible new ‘golden cross’ could fuel curiosity and rumors about Dogecoin’s price trend.
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2024-10-31 18:38