Emily Walker
Dogecoin’s price is once again indicating a potential bullish trend. A golden cross has appeared on the 4-hour price chart for Dogecoin, suggesting that bullish momentum may continue in the upcoming weeks. This golden cross indicates that buyers are gaining control, and the meme coin may be set for a repeat of its early November surge.
Understanding the Golden Cross in Dogecoin Pricing
A golden cross is a signal in technical analysis where a short-term moving average surpasses a long-term one. Crypto analyst Trader Tardigrade pointed out this golden cross for Dogecoin, sharing insights via social media platform X. He noted that this pattern was visible on the Moving Average Convergence Divergence (MACD) indicator, specifically beneath the zero line.
The presence of a golden cross in the MACD below the zero line signals a shift from a bearish to a bullish outlook, priming the market for upward price movements. Tardigrade noted that this isn’t the first time Dogecoin has exhibited a golden cross recently. A similar situation occurred in early November, when Dogecoin was trading around $0.15 on November 4. Following that golden cross, a significant bull run pushed its price to a peak of $0.426 by November 12, reflecting a remarkable increase of approximately 184% within eight days.
The prior success after the November golden cross raises expectations for the current trend. If Dogecoin’s price trajectory aligns with previous patterns, it may see a noteworthy rally soon. Analysts, based on the patterns from November, speculate that Dogecoin could aim for a price of $1 by December 7.
Important Resistance Levels as Dogecoin Aims for $1
As Dogecoin prepares for this expected rally, it must navigate through specific resistance levels to reach the ambitious target of $1. The primary resistance stands at $0.43, followed by the current high of 2024 at $0.4759. Successfully surpassing this mark would establish Dogecoin at its highest trading level in three years.
If momentum and buying enthusiasm persist, Dogecoin could advance towards $0.50 and eventually challenge the all-time high of $0.7316 before setting sights on $1. Conversely, maintaining support at $0.37 and $0.35 is essential for sustaining a bullish sentiment, particularly if the expected rally does not materialize.
As of the latest update, Dogecoin is valued at $0.404, marking a 9.8% rise from a low of $0.3679 recorded on November 26.