Dogecoin Completes Golden Cross, Analysts Predict Price Surge Towards $1
The Dogecoin price may be poised to reach $1 as it has displayed a rare technical indicator known as the Textbook Weekly Golden Cross. Crypto analyst Kevin, who identified this pattern, predicts that it could initiate a price rally towards the $1 mark.
Golden Cross Sparks $1 Target For Dogecoin Price
Dogecoin has completed the “Textbook Weekly Golden Cross” for the first time in four years, indicating potential higher prices. The cryptocurrency has shown significant bullish momentum this month, suggesting an upcoming price rally.
A Golden Cross occurs when the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA. The 50 MA reflects short-term price averages, while the 200 SMA represents long-term averages. This formation is typically viewed as a bullish signal indicating a possible price uptrend. Analysts suggest that Dogecoin could target new highs around $1 following this Golden Cross.
Currently trading around $0.28, several bullish targets have been highlighted, with some exceeding the $1 mark. A chart shared by Kevin illustrates Dogecoin’s potential rise to new all-time highs.
At the 0.618 Fibonacci level, Dogecoin is projected to surge to the 0.73838 Fibonacci level at $0.8 and is expected to rise steadily towards the 1.0866 Fib between $0.95 and $1.1.
Historically, the last occurrence of a Textbook Weekly Golden Cross was in 2020, during a previous crypto bull run. Following a dip, Dogecoin rallied to new all-time highs. Investors are advised to remain cautious in the short term as volatility or a dip may occur before any upward movement.
Analyst Says Golden Cross To Drive DOGE Even Higher
Another analyst, Milkybull Crypto, also confirmed the Golden Cross on Dogecoin's weekly chart but set a more ambitious target between $2 and $4. He believes this bullish prediction is feasible, citing Dogecoin's history of substantial rallies following such indicators.
As of now, Dogecoin is trading at $0.28, reflecting a 23.24% increase in one day and an 84.66% surge over the past week, according to CoinMarketCap.
