The price of Dogecoin may be accelerating towards its all-time high (ATH) of $1 as this meme coin has just shown a rare technical indicator called the Textbook Weekly Golden Cross. Kevin, a cryptocurrency analyst on X (formerly Twitter), identified this Golden Cross on the Dogecoin chart and predicted that this pattern could trigger a price surge towards the $1 mark.
Golden Cross creates a $1 target for Dogecoin's price.
The largest meme coin in the world, Dogecoin, has just completed its first "Textbook Weekly Golden Cross" in four years, signaling that higher prices may be ahead. The price of Dogecoin has seen significant upward momentum this month, and recent price fluctuations indicate that this cryptocurrency is preparing for an even greater price surge.
According to Kevin, a Golden Cross typically occurs when the 50-day Simple Moving Average (SMA) crosses above the 200-day Simple Moving Average (SMA) on the chart. The 50-day MA represents the average price of a cryptocurrency over a shorter time frame, while the 200-day Simple Moving Average (SMA) represents the average price over a longer time frame.
Typically, during the formation of a Golden Cross, the short-term moving average crosses above the long-term moving average, which is often seen as a bullish signal indicating the potential for price increases. For the Dogecoin Textbook Weekly Golden Cross, the analyst suggested that this meme coin could witness greater bullish momentum towards a new high around the price target of $1.
Kevin shared a price chart describing the steady growth of Dogecoin to a new ATH. With Dogecoin currently trading around $0.28, the analyst highlighted several bullish targets for this meme coin, some even exceeding the $1 target.
Currently, at the Fibonacci level of 0.618, Dogecoin's price is predicted to surge to the Fibonacci level of 0.73838 at $0.8. Additionally, this meme coin is expected to steadily rise to the Fibonacci level of 1.0866 in the range of $0.95 to $1.1.
Notably, the cryptocurrency analyst revealed that the last time Dogecoin's price experienced a Textbook Weekly Golden Cross was in 2020, during the previous cryptocurrency bull run. Kevin disclosed that Dogecoin went through a multi-week decline during that time, followed by a significant price surge to a new ATH. Therefore, the analyst urged investors to be cautious, especially in the short term, as Dogecoin may exhibit some volatility or undergo a pullback before rising again.
The analyst stated that the Golden Cross will push DOGE even higher.
In another post on X, cryptocurrency analyst Milkybull Crypto also announced that a Golden Cross had occurred on the weekly Dogecoin chart. However, instead of a $1 price target, the analyst set bullish targets ranging from $2 to $4 for Dogecoin.
The analyst is confident that this bullish price prediction could occur in this cycle, as Dogecoin has previously experienced what he describes as a "life-changing rally" when this Golden Cross occurred. Currently, Dogecoin is trading at $0.28, marking a 23.24% increase in just one day and an 84.66% rise over the past seven days, according to CoinMarketCap.
DYOR!#Write2Win #Write&Earn #Write2Learn $DOGE