Recent market forces have seen the The price of Dogecoin is approaching an important milestone in its moving proportions. As revealed by the analysis of TradingView platformDogecoin is about to have its first weekly gold cross in four years.
This technical pattern, where the 50-week moving average crosses above the 200-week moving average, is very unusual for Dogecoin. Interestingly, history shows that the golden cross is one of the leading indicators, suggesting that the price of Dogecoin may be. in preparation for major surgery.
Dogecoin Price About Making Weekly Golden Cross
Technical analysis of Dogecoin price action has seen the formation of a golden cross on both weekly and daily candlesticks. Interestingly, the golden cross is close to fulfilling its weekly candlestick time frame. Most interestingly, this is the first time since 2021 that a golden cross has occurred.
Currently, the price of Dogecoin is moving just above the 200-week MA, and maintaining this position is important to give the 50-week MA enough to push higher. If Dogecoin holds this level, it will set the stage for massive price increases in the coming months. Given that the value of Dogecoin has doubled from early 2024, the elimination of the golden cross could provide additional fuel for dynamic parabolic rally before the end of the year.
Historically, Dogecoin last saw a weekly golden cross in January 2021, when it traded at a low of $0.00317. This technical signal coincided with the start of an incredible bull run in the crypto market, pulling Dogecoin into the spotlight during the meme coin’s heyday.
By the time the session ended, Dogecoin had moved 22,980% in four months to reach an all-time high of $0.7316.
Can DOGE Repeat This Rally With Weekly Golden Cross?
Dogecoin may be set for another impressive run if the current setup mirrors 2021 bullish momentum. If a similar momentum were to occur, this would see Dogecoin break past multiple price resistances before the end of 2024 and in the first few months of 2025, potentially leading to a new all-time high.
Regarding the price target, the TradingView analyst said there are no price targets, which means the cables will open after the gold cross. However, in reality, Dogecoin may be set for a rally of at least 200% to the upside in the event of a weekly gold cross.
Dogecoin has failed again to save a foot above 0.14 $ in the last 24 hours and is currently trading at $0.138. A 200% rally will put Dogecoin near $0.42, but this will largely depend on its ability to hold above $0.14 and continue momentum above the 200-week moving average.
The featured image was created with Dall.E, a chart from Tradingview.com
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