Dogecoin On The Verge Of First Golden Cross In 4 Years, What Happens Next?

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As a seasoned crypto investor with a few battle scars from previous market cycles, I remain cautiously optimistic about Dogecoin (DOGE)’s current bullish outlook. The impending golden cross on its chart is an intriguing development that could potentially mark the beginning of another parabolic rally for DOGE, as history suggests.

The current perspective on Dogecoin (DOGE) is optimistic, according to technical analysis. A golden cross event, which is considered bullish, is predicted to occur on its chart. Precedent indicates that this occurrence might initiate a significant surge in DOGE’s value.

Dogecoin On The Verge Of A Golden Cross

Expert: In a recent update on his X account, renowned crypto analyst Kevin, formerly known as OG Yomi, shared his perspective that Dogecoin is approximately two to three weeks away from experiencing its first weekly “golden cross” event in the last four years. This significant occurrence comes after Dogecoin’s impressive six-month price surge and an astounding 18,000% increase in value during its previous golden cross occasion.

Dogecoin On The Verge Of First Golden Cross In 4 Years, What Happens Next?

When the 50-day moving average surpasses the 200-day moving average in Dogecoin’s weekly chart, this event is referred to as a “golden cross.” This technical indicator is recognized as a bullish sign, suggesting that a robust bull market lies ahead for the popular meme coin. Consequently, a golden cross formation in Dogecoin’s weekly data implies an upcoming parabolic surge.

Dogecoin has yet to demonstrate notable power in this market cycle compared to prominent meme coins such as Pepe (PEPE), which have been reaching new peaks. Nevertheless, cryptocurrency analysts like Crypto Kaleo are convinced that “the king of memes won’t be left behind” during this bull run and anticipate that DOGE will eventually experience its own surge.

Crypto expert Javon Marks has given an optimistic outlook on Dogecoin, explaining that the recent dip in its price may be just a correction rather than a downtrend. Marks believes that Dogecoin is primed for a significant surge in value, predicting that it could reach $0.6533 – a potential increase of over 378% from its current price. According to him, the digital currency remains strong above key resistance levels, making this price target a real possibility.

Dogecoin On The Verge Of First Golden Cross In 4 Years, What Happens Next?

Marks proposed an intriguing scenario where Dogecoin could potentially reach $1.25 if it surpasses its initial price objective of $0.6533, implying a significant price increase.

One Last Pullback Before DOGE’s Run To $1

In a recent post on social media platform X, Crypto Kaleo proposed that Dogecoin could experience a final dip in price before surging toward $1. He pointed out that, considering past trends related to the Bitcoin halving event, it’s not quite “prime time” yet for Dogecoin’s significant price increase. Nevertheless, the analyst emphasized that the price rise is inevitable and advised DOGE investors to remain patient.

Dogecoin On The Verge Of First Golden Cross In 4 Years, What Happens Next?

Regarding the potential decrease in Dogecoin’s price, Crypto Kaleo proposed a comparison to the market reaction following the launch of Spot Bitcoin ETFs in January. According to this analyst, although Dogecoin may experience a pullback, it’s not expected to be excessively significant within the larger context.

It’s intriguing to note that Crypto Kaleo forecasted Dogecoin could dip as low as $0.08 prior to hitting $1. Nevertheless, some of his supporters expressed dissent, believing it highly unlikely for such a dip to occur given that $0.08 represented the coin’s bear market minimum and the overall crypto market remains in an uptrend.

Dogecoin On The Verge Of First Golden Cross In 4 Years, What Happens Next?

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2024-07-26 07:11