As a seasoned crypto investor with a knack for spotting trends and recognizing technical patterns, I can’t help but feel a sense of deja vu looking at Dogecoin’s current price action. The last time we saw such a meteoric rise was during the 2021 bull market, and it reminds me of the thrill of riding a rollercoaster for the first time – exhilarating, unpredictable, and a tad scary!
For the first time in more than three years, the price of Dogecoin has surged past $0.4, reaching heights not seen since the 2021 bull market. Remarkably, this digital currency has experienced an approximately 55% increase over the past day, amplifying the optimistic outlook. Notably, this recent upward trend on technical charts has garnered the focus of crypto fans, with certain analysts suggesting that Dogecoin could potentially set a new record high.
As a researcher delving into the world of cryptocurrencies, I’ve noticed an intriguing development in the case of Dogecoin. A bullish signal called the “Golden Cross” has been observed on its weekly chart, suggesting that we might be on the verge of reaching a new all-time high very soon. This is an exciting prospect for investors and enthusiasts alike!
Analyst Highlights Golden Cross On Dogecoin Price Weekly Chart
In simpler terms, a golden cross happens when a short-term price trend (represented by the 50-moving average) goes above a long-term price trend (represented by the 200-moving average), as shown on a chart. This technical signal is typically seen as a positive sign for traders, and it’s quite uncommon to see this on extended timeframes such as weekly charts. When it does occur, it may indicate the start of strong price increases.
Regarding the Dogecoin value, a well-known crypto analyst named Mikybull Crypto noticed a golden cross on the weekly chart recently on social media platform X. Notably, this pattern has appeared only a handful of times in Dogecoin’s history. It is worth mentioning that the last time this pattern occurred for Dogecoin was during the fourth quarter of 2020, which preceded the highest Dogecoin surge to date.
In simple terms, the final ‘golden cross’ on its weekly graph indicated the beginning of its significant increase in value during the year 2021. This surge propelled the coin’s price from mere cents just below $0.004 to over $0.73 within a short span of time.
Why A $4 Target May Be Possible This Cycle
Milkybull Crypto has suggested potential price milestones for Dogecoin, following the observation of the golden cross. Notably, this forecast is derived from the confluence of Fibonacci ratios with Dogecoin’s historical performance post-golden cross. These Fibonacci levels are frequently employed by analysts to pinpoint potential future prices at which an asset may encounter resistance or find support during either a bullish or bearish trend movement.
As per Mikybull Crypto’s analysis, Fibonacci extension levels suggest that Dogecoin might reach a rally between $2 and $4 during this cycle. It’s worth mentioning that the strongest resistance could potentially appear at the 1.618 Fib level, which is approximately $2.4464 when plotted from the golden cross.
Currently, as I type, Dogecoin is being traded at approximately $0.4278. It’s currently about 70% short of reaching its all-time high. With its recent surge of 156% over the past week, it seems quite likely that it could reach its all-time high again. If Dogecoin manages to touch $2 and $4 respectively, this would result in a return of approximately 370% and 835% from its current price.
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2024-11-12 20:12