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Dogecoin price may be preparing to reach the coveted $1 All-time High (ATH) as the meme coin recently revealed a rare technical indicator known as the Textbook Weekly Golden Cross. Kevin, a crypto analyst at X (formerly of Twitter) who identified this Golden Cross on the Dogecoin chart, predicted that the pattern may initiate a price rally to the $1 mark.
Golden Cross Sparks $1 Dogecoin Price Target
The world’s largest meme coin, Dogecoin, has just completed the “Weekly Golden Cross Directory” for the first time in four yearsindicating that higher values are likely earlier. Dogecoin price was at a big bullish momentum this monthand recent price movements suggest that the cryptocurrency is poised for an even bigger price rally.
According to Kevin, a The Golden Cross it usually happens when the 50-day Simple Moving Average (SMA) falls above the 200-day SMA on the chart. This 50 MA represents the average price of cryptocurrency in the short term, while a 200 SMA it shows the average value over a long period of time.
More often than not, during the formation of the Golden Cross, the short-term average moves above the long-term average, which is often considered a bullish signal indicating a possible price increase. In the Dogecoin Textbook Weekly Golden Cross, an analyst suggested that the meme coin could see an upward momentum to new highs globally. $1 target price.
Kevin shared a price chart showing Dogecoin’s steady rise to new ATHs. With the price of Dogecoin currently trading around $0.28, the analyst highlighted several bullish intentions with the meme coin, some even surpass the $1 target.
Currently, at 0.618 Fibonacci levelDogecoin price is expected to rise to the Fibonacci level of 0.73838 by $0.8. Additionally, the meme coin is expected to gradually rise to 1.0866 Fib between $0.95 and $1.1.
Notably, the crypto analyst revealed that the last time the price of Dogecoin received the Textbook Weekly Golden Cross was in 2020, during the previous crypto bull run. Kevin pointed out that Dogecoin experienced a dip for weeks during that period, followed by a large rally to new ATHs. As a result, the analyst urged investors to remain vigilant, especially in the short term, as Dogecoin could show some. volatility or feel the dip before going upstairs.
Analyst Says Golden Cross To Drive DOGE Even Higher
For another X postcrypto analyst Milkybull Crypto also announced that the Golden Cross has occurred on the weekly chart of Dogecoin. However, instead of the $1 price, the analyst has set a bullish target between $2 and $4 for Dogecoin.
The analyst is confident that this bullish price prediction this cycle is possible, as Dogecoin has historically gone through what he describes as “life-changing cycles” when this Golden Cross occurs. Currently, the price of Dogecoin is trading at $0.28, which marks an increase of 23.24% in one day and an increase of 84.66% in the last seven days, according to CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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