Dogecoin Price Surges 7% as Golden Cross Pattern Forms
Dogecoin (DOGE) has increased by 7% to $0.24, marking a 19% gain over the week amidst a broader crypto market rally. Technical analysis indicates the formation of a ‘Golden Cross,’ where the 50-day moving average surpasses the 200-day average, suggesting potential for a significant price breakout.
Key Points
- The Golden Cross is a bullish indicator, historically associated with major price increases for DOGE.
- Past occurrences have seen prices rise significantly after similar patterns: a 130% jump post-November 6, 2024, and a 25% increase following November 22, 2023.
- Current monthly Relative Strength Index (RSI) is low, indicating DOGE may be undervalued compared to large-cap altcoins.
- Despite whale activity, DOGE has struggled to break past $0.22 during recent rallies.
- Analysts predict a near-term target price of $0.27 based on current chart patterns.
- Comparisons to January 2021 price actions suggest a possible major move ahead for DOGE.
- Institutional interest could grow, with predictions of treasury companies purchasing large amounts of DOGE, targeting a price of $6.9420.
