Dogecoin (DOGE), the world's largest meme cryptocurrency by market cap, is heading into a "golden cross" technical pattern that heralds the volatile environment seen in early 2021.
According to CoinDesk data, DOGE's market cap stands at approximately $22 billion and has recorded a price increase of over 70% this year, outpacing the 50% increase of the largest cryptocurrency, bitcoin (BTC).
The 50-week simple moving average (SMA) of the Meme token's spot price is currently trending upwards and appears likely to rise above the 200-week SMA in the coming weeks, confirming the golden cross. In other words, the token's short-term price momentum may soon outperform the long-term momentum and potentially develop into a long-term uptrend.
Momentum traders often use moving average crossovers to determine market entry and exit points.
DOGE price broke out of a long sideways consolidation by crossing its 200-week SMA in March and has since formed support above the critical average.
The approaching golden cross had not been seen for over three years. This indicator, last witnessed in early January 2021, heralded a four-month rally that saw prices listed on Binance rise by over 8,000% to 76 cents.
However, it is important to remember that past performance does not guarantee future results.
Additionally, memecoins like DOGE often lack real-world use cases and rely primarily on speculation. This could make them more sensitive to fiat liquidity conditions and global interest rate expectations.
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