Is dogecoin (DOGE) Price Eyeing the ‘Golden Cross’, Ahead of a Mega Rally?
Dogecoin (DOGE), the world’s largest meme coin, is laying the groundwork for the upcoming mega rally as the cryptocurrency market continues its upward trajectory. The Dogecoin price chart shows that the altcoin is approaching the very popular ‘Golden Cross’, which aims to reward long-term investors.
Dogecoin Gold Cross Pattern
As of press time, Dogecoin (DOGE) price is trading at $0.145 with a market cap of $20.92 billion. It is currently trading with a year-to-date gain of 85%. From a broader perspective, despite the recent correction over the last four days, the overall bullish trend remains intact. We also witnessed strong Dogecoin whale activity in the market earlier this week.
On closer inspection, there are even more reasons for optimism: The 50-week simple moving average (SMA) of the token’s spot price is currently rising. If this trend continues, it may cross the 200-week SMA in the coming weeks.
This convergence will create a golden cross in Dogecoin, a significant event not seen since early 2021. During this previous event, DOGE embarked on a remarkable rally, reaching an all-time high of over $0.73 per coin just four months later.
In simple terms, if a golden cross forms, it indicates that new buyers are taking profits faster than long-term holders who performed slower in the previous days. For investors, this often indicates a potential change to an uptrend and is interpreted as a strong buy signal signaling the end of a downtrend and the beginning of an uptrend.
The first positive indication for Dogecoin’s price occurred in March when it broke through the 200-week SMA, resulting in an increase of more than 70% within a week. This move contributed to the rise of the SMA 200, breaking its previous recession. As mentioned, if the anticipated Gold Cross happens, it will be the first in more than three years.
Is DOGE Awaiting 8000% Rally?
The last golden cross, which occurred in January 2021, preceded a significant increase in Dogecoin’s value, taking it from $0.0096 to an all-time high of $0.73 by May of the same year, a staggering increase of almost 8,000%. threw it. If history repeats itself, we may see a similar rise continue.
However, as most people know, this rise was followed by a sharp 90% decline in the following months. Afterwards, Dogecoin stabilized and traded between $0.05 and $0.10 between May 2022 and February 2024.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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