It has witnessed recent market dynamics Dogecoin price is approaching an important milestone In its moving averages. As indicated by the analysis TradingView platformDogecoin is about to have its first weekly gold cross in four years.
This technical pattern, where the 50-week moving average crosses above the 200-week moving average, is very rare for Dogecoin. Interestingly, history shows that the golden cross is one of the best bullish indicators, suggesting that the price of Dogecoin may be as well. Preparing for a huge wave.
Dogecoin price is about to create a weekly Golden Cross
Technical analysis of Dogecoin price action has seen a golden cross appear on both the weekly and daily candlestick time frames. Interestingly, the Golden Cross is closer to the fruits on the weekly candlestick time frame. What is even more interesting is that this is the first time since 2021 that such a golden cross has occurred.
Currently, Dogecoin price is hovering just above the 200-week EMA, and maintaining this situation is necessary to give the 50-week EMA enough strength to push above it. If Dogecoin maintains this level, it will pave the way for a significant price rise in the coming months. Knowing that the price Dogecoin has doubled Since the beginning of 2024, completing the Golden Cross can provide additional fuel for Stronger parabolic pool Before the end of the year.
Historically, Dogecoin last saw a weekly gold cross in January 2021, when it traded at a modest level of $0.00317. This technical signal coincided with the beginning of a notable rally in the cryptocurrency market, thrusting Dogecoin into the spotlight during the height of the meme coin craze.
By the time the rally ended, Dogecoin had risen 22,980% in four months to reach an all-time high of $0.7316.
Can DOGE repeat this rally with weekly golden cross?
Dogecoin could be positioned for another impressive run If mirrors current setting Bullish Momentum for 2021. If similar momentum occurs, it will lead to Dogecoin crossing 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-inclusive coin. High time.
Regarding the price target, the TradingView analyst said that there are no price targets, which means that the reins will be open after the golden cross. However, realistically, Dogecoin could be set to rise by at least 200% to the upside in the event of a weekly golden cross.
Dogecoin has failed again To keep a foot above $0.14 Over the past 24 hours it is currently trading at $0.138. A 200% rally would put Dogecoin near $0.42, but this will largely depend on its ability to hold above $0.14 and maintain momentum above the 200-week moving average.
Featured image created with Dall.E, chart from Tradingview.com