Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What’s Coming Next
The Dogecoin price could be gearing up to reach the coveted $1 All-Time High (ATH) as the meme coin has just displayed a rare technical indicator known as the Textbook Weekly Golden Cross. Kevin, the crypto analyst on X (formerly Twitter) who identified this Golden Cross on the Dogecoin chart, predicted that the pattern could set off a price rally toward the $1 mark.
Golden Cross Sparks $1 Target For Dogecoin Price
The world’s largest meme coin, Dogecoin, has just completed the “Textbook Weekly Golden Cross“ for the first time in four years, signaling that higher prices are likely ahead. The Dogecoin price has been on a major bullish momentum this month, and recent price movements suggest that the cryptocurrency is poised for an even greater price rally.
According to Kevin, a Golden Cross typically occurs when the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA on a chart. This 50 MA represents the average price of a cryptocurrency over a shorter term, while a 200 SMA indicates a price average over a longer term.
More often than not, during a Golden Cross formation, the shorter-term average moves above the longer-term average, which is usually considered a bullish signal that indicates a possible price uptrend. For the Dogecoin Textbook Weekly Golden Cross, the analyst has suggested that the meme coin could see greater upward momentum to new highs around the $1 price target.
Kevin shared a price chart Depicting Dogecoin’s steady rise to new ATHs. With the Dogecoin price currently trading around $0.28, the analyst has highlighted several bullish targets for the meme coin, with some even surpassing the $1 target.
