Will Dogecoin Hit Its First Golden Cross in 4 Years?

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As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous trends and patterns that have shaped the digital asset landscape. The recent buzz surrounding Dogecoin (DOGE) has piqued my interest, given its potential to form a Golden Cross technical indicator after four long years.

Recently, Dogecoin (DOGE) has been drawing attention due to the ongoing market turbulence. Notably, this meme-based cryptocurrency seems set to achieve a Golden Cross technical indicator after four years, which has sparked renewed interest in the coin among investors. Various predictions are now circulating about the potential future price movements.

Dogecoin Might Skyrocket If Golden Cross Emerges

The conversations around a possible golden cross formation came from an Analyst on X. The Analyst said Dogecoin has a few more weeks to complete the cross, which was last recorded onchain in 2021.

In simpler terms, when the quick (short-term) average line of an asset crosses over the slow (long-term) average line, it might potentially drive up Dogecoin’s value to around $1. According to the analyst, a similar pattern on Dogecoin charts in January 2021 led to an astronomical increase of 8,000% in its price. This surge played a significant role in pushing the coin’s price back up to its previous high of $0.76.

It’s unclear if Dogecoin’s price will mirror past trends in the future. Given that it ended the last three months with a loss, there’s reason to be wary. Investors should exercise caution as the digital currency has recently reversed its daytime gains.

Currently, the value of the coin is down by 1.95%, currently standing at $0.1043. The market capitalization is approximately $15.24 billion. It’s been fluctuating near significant points, specifically around $0.1037 and a market cap of $1072. If the previous bullish trend associated with Dogecoin’s golden cross pattern resurfaces, it could potentially boost the price up to an estimated $8.

Notably, it is worth keeping in mind that past trends cannot guarantee future outcomes.

Network Activity Hints Uptick Ahead

Numerous elements collaborate to drive the increase of an asset such as DOGE. As suggested by the latest analysis on DOGE pricing, the likelihood of the coin reaching $1.4 is growing increasingly plausible, given that network activity has reached peak performance. To sum up, approximately 1.93 million transactions were completed over the past week.

This is an encouraging indication of the network’s well-being, which could boost optimism about the cryptocurrency. However, the Dogecoin price continues to be a topic of debate, potentially influenced by the ongoing feud between Elon Musk and Taylor Swift.

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2024-09-20 21:49