🐶💸 A “Golden Cross” Is Approaching On Dogecoin Chart.

Dogecoin (DOGE), the world's largest meme cryptocurrency by market capitalization, is heading towards a "golden cross" technical pattern that foreshadows the volatile environment seen in early 2021.

DOGE, which has a market value of about $22 billion, according to CoinDesk data, has recorded a price increase of more than 70% this year, surpassing the roughly 50% gain of the largest cryptocurrency, Bitcoin (BTC).

The 50-week simple moving average (SMA) of the Meme token's spot price is currently pointing north and looks set to confirm a golden cross by moving above the 200-week SMA in the coming weeks. In other words, the token's short-term price momentum could soon outperform its long-term bullish momentum and potentially develop into a long-term uptrend.

Trend traders often use moving average crossovers as part of a structured approach to determining entry and exit points into the market.

DOGE price broke out of an extended sideways consolidation by breaking above the 200-week SMA in March and has since established a foothold above the key average.

The upcoming golden cross has not been seen for more than three years. Last seen in early January 2021, the indicator heralded a four-month bull run that saw the price listed on Binance increase over 8,000% to 76 cents.

However, it should not be forgotten that past data is not a guarantee of the future.

Additionally, memecoins like DOGE are known for lacking real-world use cases and are primarily driven by speculation. This makes them more sensitive to fiat liquidity conditions and global interest rate expectations.