Dogecoin price is back Showing signs of a strong uptrend. In particular, a golden cross has appeared on the Dogecoin price chart on the 4-hour frame, signaling what could be a continuation of bullish momentum in the coming weeks. The appearance of this golden cross indicates that the buyers are now in control, and the meme coin may be on track to repeat its early November rally.
Golden cross on Dogecoin price chart
In technical analysis, a golden cross is a pattern in which the short-term moving average crosses above the long-term moving average. This was the golden cross Highlight Dogecoin price by cryptocurrency analyst Trader Tardigrade, known for his technical insight on the social media platform
When this happens in the MACD below the zero line, it signals a reversal from a downtrend to an uptrend, paving the way for an upward price movement. According to a 4-hour Dogecoin price chart shared by Trader Tardigrade on social media platform X, this is not the first appearance of such a golden cross in recent weeks. In particular, Dogecoin had a golden crossover similar to the MACD in the first week of November. At this time, Dogecoin price was trading at $0.15 on November 4. After this golden intersection, The bull race has been enteredResulting in a strong rally that first peaked at $0.426 on November 12. This results in a price increase of about 184% in eight days.
The historic performance following November’s golden cross has heightened anticipation for what might unfold this time around. If Dogecoin price follows a similar path, it will likely achieve a price A dramatic march in the coming days. Based on the forecast shared by Trader Tardigrade and the price patterns seen in November, this rally could push Dogecoin towards its target price of $1 by December 7.
Key levels to watch on Dogecoin’s path to $1
Like Dogecoin In preparation for this upcoming gathering Certain resistance levels must be cleared to achieve it The ambitious goal is $1. Immediate resistance is at $0.43, then the current 2024 high is $0.4759. A break above this level would see Dogecoin price trading at new three-year highs.
From there, continued momentum and buying pressure could push Dogecoin towards $0.50 and the current all-time high of $0.7316 before it eyes the $1 mark. On the downside, the support levels at $0.37 and $0.35 will be crucial to maintain bullish sentiment, especially If the Golden Cross fails to be achieved In the expected gathering.
At the time of writing, Dogecoin price is trading at $0.404, up 9.8% from its November 26 low of $0.3679.
Featured image created with Dall.E, chart from Tradingview.com