Dogecoin Price About To Make Weekly Golden Cross
- Susan SarandonOriginal
- 2024-10-26 19:24:22293browse
Recent market dynamics have seen the Dogecoin price approaching a significant milestone in its moving averages. As pointed out by an analysis of the
Dogecoin (CRYPTO: DOGE) has seen a golden cross brewing in both the weekly and daily candlestick timeframes.
This technical pattern, where the 50-week moving average crosses above the 200-week moving average, is very rare for Dogecoin.
Interestingly, history shows the golden cross is one of the best bullish indicators, suggesting the Dogecoin price might be gearing up for a massive surge.
What Happened: A technical analysis of Dogecoin on the TradingView platform highlighted the golden cross, which is closer to fruition on the weekly candlestick timeframe.
This marks the first time since 2021 that such a golden cross is happening on the weeklyの時間枠.
Dogecoin is currently trading at $0.138, showing a 2.3% gain on the day and a 113% increase year-to-date.
Dogecoin’s Last Weekly Golden CrossA golden cross on the weekly candlestick timeframe for Dogecoin was last seen in January 2021, when the meme coin was trading at a modest $0.00317.
This technical signal coincided with the beginning of a remarkable bull run across the crypto market, which saw Dogecoin catapult into the limelight during the height of the meme coin craze.
By the time the rally ended, Dogecoin had gone on a 22,980% run in four months to reach an all-time high of $0.7316.
If the current setup mirrors the bullish momentum of 2021, Dogecoin could be positioned for another impressive run, breaking past multiple price resistances before the end of 2024 and in the first few months of 2025, which in turn could lead to the creation of a new all-time high.
In terms of a price target, the TradingView analyst said there were no price targets, meaning the reins would be open after a golden cross.
However, realistically, Dogecoin could be set for a rally at least 200% to the upside in the event of a weekly golden cross.
DOGE Price Action: Dogecoin has failed again to keep a footing above $0.14 in the past 24 hours.
A 200% rally would place Dogecoin near $0.42, but this would largely depend on its ability to hold above $0.14 and sustain momentum above the 200-week moving average.
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