A cryptocurrency expert named Yomi has observed that Dogecoin‘s latest price trend might become bullish by the end of this week. Based on his analysis, DOGE is approaching the formation of a “golden cross” on its graph, which could signal the start of a significant bull market. However, Yomi points out that obtaining a green candle during this week could be challenging given current on-chain data and market conditions.
Dogecoin Flashing Weekly Golden Cross
In simpler terms, the Dogecoin weekly graph is displaying a golden cross indicator. This optimistic sign emerges when the 50-week and 200-week moving averages intersect. Two weeks ago, Yomi’s shared chart suggested this crossover was close to completion due to Dogecoin’s price increase over the past two months.
Since early April, traders’ outlook towards DOGE has shifted from bullish to bearish. The crypto failed to surpass the $0.22 mark despite several attempts by buyers, resulting in a resistance level formation. In turn, DOGE experienced two consecutive weeks of bearish candles, halting its progress towards completing a golden cross.
The anticipated weekly Golden Cross for #Dogecoin is yet to materialize, requiring several more weeks of price increases to reach this significant bull market indicator. Two consecutive red weeks have slightly derailed our progress. Let’s hope for some green soon to get back on the intended path! #DOGE #Altcoins
— Yomi (@OG_Yomi) April 15, 2024
Yomi noted that the bullish signal has been developed earlier, indicating several weeks of rising Doge prices. To validate this trend continuation, all Doge needs is to finish the current week with a higher closing price than its opening price, resulting in a green candle, thereby confirming the breakout and returning the path towards a golden cross.
DOGE To Turn Bullish?
Last week saw a significant decrease in Dogecoin’s value, leading the way for other meme coins to experience a crash. The cryptocurrency reached a low of $0.13 midweek, marking a 33% drop from its initial price at the beginning of the week. Whale Alerts, a crypto transaction tracker, reported the transfer of 600 million DOGE tokens, equivalent to $92.3 million, from a private wallet into Binance. This transaction could indicate a large-scale sell-off by a Dogecoin whale.
Despite the current setback, Dogecoin has seen positive price movement in the last day. The coin is currently priced at $0.1669, marking a 5% increase within the past 24 hours. If Dogecoin manages to finish significantly above its weekly opening price of $0.1624, it could indicate the continuation of its path towards a golden cross and potentially initiate a fresh upward trend.
In a recent social media update, Yomi mentioned that if Doge maintains its value above $0.12 throughout this week, it may still hint at a bullish trend in the future.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-04-16 02:10