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Dogecoin

Dogecoin On The Verge Of First Golden Cross In 4 Years, What Happens Next?

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin (DOGE) outlook is currently bullish, as technical indicators suggest that a golden cross is set to appear on the meme coin’s chart. Based on history, such development could mark the beginning of a massive rally for DOGE. 

Dogecoin On The Verge Of A Golden Cross

Crypto analyst Kevin (formerly OG Yomi) mentioned in an X (formerly Twitter) post that Dogecoin is two to three green weeks away from seeing its first weekly golden cross in four years. The analyst added that DOGE enjoyed a 6-month price rally and price gain of 18,000% the last time the meme coin saw a weekly golden cross. 

Related Reading: XRP Whales Go On $84 Million Buying Spree To Lock Down 140 Million Tokens
Dogecoin 1
Source: X

A golden cross occurs when the 50-day moving average (MA) rises above the 200-day MA. This technical indicator is considered a bullish signal as it usually indicates a strong bull market. As such, a weekly golden cross for Dogecoin will confirm that an imminent parabolic rally is on the horizon for the foremost meme coin. 

Dogecoin has so far failed to show any significant strength in this market cycle even as other foremost mee coins like Pepe (PEPE) continue to hit new highs. However, crypto analysts like Crypto Kaleo have asserted that the “king of memes won’t be left behind” in this bull run and have predicted that DOGE will still have its moment.  

Crypto analyst Javon Marks also recently provided a bullish narrative for Dogecoin, stating that the meme coin’s most recent pullback looks more like a shakeout and that DOGE is almost ready for a massive rally to $0.6533. Marks claimed that this price target is well in play as DOGE is holding well above the resisting trend. The analyst added that it is only a matter of time before Dogecoin enjoys this price rally of over 378%.

Dogecoin 2
Source: X

Interestingly, Marks also raised the possibility of Dogecoin further rising to $1.25, stating that a break or hold above the initial price target of $0.6533 will propel DOGE to such heights. 

One Last Pullback Before DOGE’s Run To $1

Crypto Kaleo suggested in an X post that Dogecoin might suffer one last pullback before it runs to $1. He remarked that it is still a “bit early” for DOGE to have that “face-melting pump” based on the previous cycles in relation to the Bitcoin halving event. The analyst, however, added that the pump will eventually happen and called for a bit more patience from DOGE investors. 

Related Reading: How To Win With Bitcoin: Crypto Analyst Outlines Important Levels For Buying
Dogecoin 3
Source: X

As to how low Dogecoin could drop, Crypto Kaleo suggested that Dogecoin suffer a retrace similar to the one after the Spot Bitcoin ETFs launched in January. The analyst, however, claimed that such pullback won’t be that “crazy in the big picture.” 

Interestingly, Crypto Kaleo predicted that Dogecoin could drop to as low as $0.08 before it reaches $1. However, some of his followers disagreed, arguing that it is unlikely to happen considering that $0.08 was a bear market low for the meme coin and the market is still in a bull cycle. 

Dogecoin price chart from Tradingview.com
DOGE price below $0.13 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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