Prominent crypto analyst "Kev_Capital_TA" has identified a potentially bullish technical indicator for Dogecoin (DOGE). In a recent X post, the analyst highlighted the possibility of a "golden cross" emerging for DOGE within the next 2-3 weeks.

A golden cross is a chart pattern formed when the 50-week moving average price crosses above the 200-week moving average price. This pattern is often viewed by technical analysts as a sign of a potential long-term bullish trend.

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The significance of this for DOGE lies in its past performance. The last time a golden cross occurred for the popular meme cryptocurrency was in May 2021, which preceded a remarkable half-year price surge of over 18,000%. This rapid increase saw DOGE climb from $0.003 to a peak of $0.75 per coin.

#Dogecoin is 2-3 green weeks away from seeing its first weekly golden cross in 4 years. The last time this occurred #DOGE went parabolic for 6 straight months going up 18,000%. #Altcoins #Crypto pic.twitter.com/Ow8JGMPndB

— Kevin (@Kev_Capital_TA) July 24, 2024

If history were to repeat itself with the emergence of another golden cross, and a similar price movement followed, DOGE could reach a price of approximately $23.40 per coin. This would translate to a market capitalization for Dogecoin exceeding $3.48 trillion.

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While the possibility of a golden cross and subsequent price increase is intriguing, some market participants may view such a dramatic surge as highly improbable. They point to the maturing crypto landscape and the vast difference in Dogecoin's market cap compared to 2021.