As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I have seen my fair share of price predictions that ultimately proved to be more hot air than substance. However, the recent Textbook Weekly Golden Cross on Dogecoin’s chart has piqued my interest and warrants a closer look.
It’s possible that the price of Dogecoin might surge towards its record high of $1, as it has recently shown a unique technical signal called the Textbook Weekly Golden Cross. This observation was made by crypto analyst Kevin on platform X (previously Twitter). He suggests that this pattern could trigger a price increase leading to the $1 target.
Golden Cross Sparks $1 Target For Dogecoin Price
For the first time in four years, Dogecoin, the world’s biggest meme coin, has achieved the “Textbook Weekly Golden Cross,” indicating a potential rise in its value. This month, Dogecoin has seen significant bullish trends, and recent market fluctuations hint at an upcoming strong price surge for this cryptocurrency.
As Kevin explains, a Golden Cross happens when the short-term average price (50-day Simple Moving Average) of a cryptocurrency surpasses its long-term average price (200-day Simple Moving Average) on a chart. The 50 MA reflects the currency’s average price over a shorter duration, while the 200 SMA represents an average price over a longer period.
In most instances, when a Golden Cross pattern occurs (like with the Dogecoin Textbook Weekly Golden Cross), it means that the shorter-term moving average surpasses the longer-term one. This situation is often interpreted as a bullish sign, suggesting an increase in the coin’s price, potentially leading to new highs near the $1 price target.
Kevin shared a price chart Depicting Dogecoin’s steady rise to new ATHs. With the Dogecoin price currently trading around $0.28, the analyst has highlighted several bullish targets for the meme coin, with some even surpassing the $1 target.
At the present 0.618 Fibonacci point, Dogecoin’s price is predicted to climb up to about $0.8 at the 0.73838 Fibonacci level. Furthermore, it is anticipated that the meme currency will gradually increase towards the 1.0866 Fibonacci level, which falls between approximately $0.95 and $1.1.
Significantly, the crypto expert shared that the last instance when Dogecoin’s price underwent a Textbook Weekly Golden Cross was back in 2020, during the prior cryptocurrency surge. Kevin pointed out that Dogecoin had plummeted for weeks during this period, only to subsequently surge to record highs. Consequently, the analyst advises investors to exercise caution, particularly in the short term, as Dogecoin might exhibit volatility or experience a decline before rising again.
Analyst Says Golden Cross To Drive DOGE Even Higher
Previously, financial expert Milkybull Crypto shared that a “Golden Cross” event took place on the Dogecoin weekly graph. Unlike his previous prediction of a $1 price point, this time he’s aiming higher, setting a bullish forecast ranging between $2 and $4 for Dogecoin.
With confidence, the analyst believes that this optimistic price forecast could materialize during this cycle, given Dogecoin’s pattern of significant upward movements, or “life-altering rallies,” when the Golden Cross takes place. At the moment, the value of Dogecoin is being traded at approximately $0.28, reflecting a 23.24% rise in a single day and an impressive 84.66% jump over the last week, as reported by CoinMarketCap.
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2024-11-12 00:04