#Dogecoin (#DOGE ), the world's largest meme coin, is laying the foundation for the upcoming mega rally as the cryptocurrency market continues its upward trajectory. The Dogecoin price chart shows that the altcoin is approaching the very popular 'Golden Cross', which is aimed at rewarding long-term investors.
Dogecoin Gold Cross Pattern
As of the press date, the Dogecoin (DOGE) price is trading at $0.145 with a market capitalization of $ 20.92 billion. It is currently trading at an 85% gain since the beginning of the year. From a broader perspective, despite the recent correction over the past four days, the overall upward trend remains intact. We also witnessed strong Dogecoin whale activity in the market earlier this week.
On closer inspection, there are even more reasons to be optimistic: The 50-week simple moving average (SMA) of the token's spot price is currently rising. If this trend continues, it may intersect with the 200-week SMA in the coming weeks.
This convergence will create the golden cross, a significant event that has not been seen on Dogecoin since early 2021. During this previous event, DOGE launched a remarkable rally and reached an all-time high above $0.73 per cryptocurrency just four months later.
In simple terms, if a gold cross is formed, this indicates that new buyers are making profits faster than long-term owners, who performed slower in previous days. For investors, this usually indicates a potential shift towards an bullish trend and is interpreted as a strong buying signal that signals the end of a bearish trend and the beginning of an bullish trend.
The first positive indicator of Dogecoin's price appeared in March, when it exceeded the 200-week SMA, which led to an increase of more than 70% within a week. This move contributed to the rise of the SMA 200, breaking its previous recession. As mentioned, if the expected Golden Cross comes true, it will be the first in more than three years.
