The Dogecoin price is once again showing signs of a strong upward move. In particular, a golden cross has occurred on the Dogecoin 4-hour price chart, which could lead to a continuation of the bullish momentum in the coming weeks. The presence of a golden cross suggests that buyers are now in control, and the meme coin is likely on its way to repeating its early November rally.
Golden Cross on Dogecoin Price Chart
In technical analysis, a golden cross is a pattern where a short-term moving average crosses over a long-term moving average. Cryptocurrency analyst Trader Tardigrade, known for his technical insights on the social platform X, highlighted the golden cross in the price of Dogecoin. According to the analyst, this golden cross was observed in the Moving Average Convergence Divergence (MACD) indicator below the zero line.
When the MACD shows this situation below the zero line, it indicates a shift from bearish to bullish sentiment, laying the groundwork for a price increase. According to Trader Tardigrade's shared Dogecoin 4-hour price chart on social media platform X, this is not the first occurrence of such a golden cross in recent weeks. Specifically, Dogecoin also experienced a similar MACD golden cross in the first week of November. At that time, Dogecoin's price was around $0.15 on November 4. Following this golden cross, a bull market ensued, leading to a strong rebound, with a peak of $0.426 reached for the first time on November 12. This means the price increased by about 184% over eight days.
The historical performance after the golden cross in November has led to greater expectations for what might happen this time. If Dogecoin's price follows a similar trajectory, it could see a significant rise in the coming days. According to trader Tardigrade's predictions and the price patterns from November, this rise could push Dogecoin towards the target price of $1 on December 7.
Key point for Dogecoin rising to $1
As Dogecoin prepares for the anticipated rebound, it must break through certain resistance levels to achieve the ambitious $1 target. The immediate resistance level is at $0.43, followed by the current 2024 high of $0.4759. Breaking through this level would set a new three-year high for Dogecoin's price.
From there, sustained momentum and buying pressure could drive Dogecoin towards $0.50 and the current historical high of $0.7316, before aiming for the $1 mark. On the downside, support levels at $0.37 and $0.35 are crucial for maintaining bullish sentiment, especially if the golden cross fails to deliver the expected rebound.
At the time of writing, Dogecoin's price is $0.404, up 9.8% from the low of $0.3679 on November 26.
