Bitrabo Editorial
The current market trend suggests that the Dogecoin price is nearing a crucial point in its moving averages. A recent review on the TradingView platform indicates that Dogecoin is on the verge of achieving its first weekly golden cross in four years.
This rare event occurs when the 50-week moving average surpasses the 200-week moving average. Historical data shows that such a golden cross is a strong bullish signal, implying that Dogecoin could be poised for a significant price increase.
Dogecoin Approaching Weekly Golden Cross
Analysis of Dogecoin’s price movements reveals the emergence of a golden cross in both the daily and weekly candlestick patterns. Notably, this crossover is closer to realization on the weekly chart, marking the first occurrence since 2021.
At present, Dogecoin’s price is slightly above the 200-week moving average, and it’s crucial to maintain this position to allow the 50-week moving average to rise above. If Dogecoin can sustain these levels, it could pave the way for a considerable price increase in the coming months. Given that Dogecoin’s price has more than doubled since the start of 2024, the formation of a golden cross could act as a catalyst for a robust price rally before the year concludes.
The last time Dogecoin saw a weekly golden cross was in January 2021 when it traded around $0.00317. This technical indicator aligned with the start of a significant upward trend in the cryptocurrency market, propelling Dogecoin to prominence during the meme coin surge.
During the peak of that rally, Dogecoin skyrocketed by 22,980% over four months, reaching a high of $0.7316.
Will DOGE Relive This Rally with the Upcoming Golden Cross?
If the current patterns replicate the bullish surge of 2021, Dogecoin could be set for another remarkable ascent. Such momentum could see Dogecoin breaking various resistance levels before year-end and in early 2025, potentially leading to a new all-time high.
TradingView analysts noted there are no defined price targets following a potential golden cross, indicating that Dogecoin could have significant upward potential. Realistically, we could expect at least a 200% increase if the golden cross occurs.
In the last 24 hours, Dogecoin has struggled to stay above the $0.14 mark, currently trading at $0.138. A 200% increase would elevate Dogecoin close to $0.42, contingent on its ability to maintain values above $0.14 and sustain momentum above the 200-week moving average.