Dogecoin (DOGE) is on the verge of a potential major bullish breakout as the much-anticipated “Golden Cross” technical pattern forms. The development has attracted attention because this pattern was previously seen in early 2021, when DOGE price surged.
Dogecoin, which currently has a market capitalization of about $21.7 billion, has had an outstanding year, with a price increase of more than 70%. This growth significantly exceeds the nearly 50% growth of Bitcoin (BTC), the largest cryptocurrency by market capitalization.
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Golden Cross: A Bullish Signal for Dogecoin
A golden cross is a technical pattern that occurs when a shorter-term moving average, in this case the 50-week simple moving average (SMA), crosses above a longer-term moving average, typically the 200-week SMA. This crossover indicates that near-term price momentum is outstripping longer-term momentum and could signal the start of a long-term bullish trend.
Momentum traders often rely on moving average crossovers as part of a structured approach to determining market entry and exit points. The upcoming golden cross on Dogecoin’s chart would be the first in more than three years, and if history is any indication, it could signal a major price rally.
Dogecoin’s price broke out of a long-term sideways pattern by crossing above its 200-week moving average in March 2023. Since then, the cryptocurrency has managed to hold above this key average, further strengthening the bullish sentiment surrounding DOGE.
Can DOGE reach $0.2 in May?
With the golden cross approaching and the overall bullish sentiment in the cryptocurrency market, many investors are wondering if Dogecoin can reach the $0.2 mark in May 2024. According to Changelly experts’ analysis of DOGE price fluctuations in early 2023, the average expected price of Dogecoin in May 2024 is $0.139.
These experts also provided a range of potential price movements for Dogecoin, with the lowest expected price being $0.128 and the highest being $0.149. While these predictions suggesting a $0.20 level in May might be a bit exaggerated, the confirmation of the golden cross and the overall market sentiment could lead to a significant appreciation in the DOGE price.
