Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What’s Coming Next
11 Novembre 2024 - 10:00PM
NEWSBTC
The Dogecoin price could be gearing up to reach the coveted $1
All-Time High (ATH) as the meme coin has just displayed a rare
technical indicator known as the Textbook Weekly Golden Cross.
Kevin, the crypto analyst on X (formerly Twitter) who identified
this Golden Cross on the Dogecoin chart, predicted that the pattern
could set off a price rally toward the $1 mark. Golden Cross
Sparks $1 Target For Dogecoin Price The world’s largest meme coin,
Dogecoin, has just completed the “Textbook Weekly Golden Cross“ for
the first time in four years, signaling that higher prices are
likely ahead. The Dogecoin price has been on a major bullish
momentum this month, and recent price movements suggest that the
cryptocurrency is poised for an even greater price rally.
According to Kevin, a Golden Cross typically occurs when the 50-day
Simple Moving Average (SMA) crosses above the 200-day SMA on a
chart. This 50 MA represents the average price of a cryptocurrency
over a shorter term, while a 200 SMA indicates a price average over
a longer term. More often than not, during a Golden Cross
formation, the shorter-term average moves above the longer-term
average, which is usually considered a bullish signal that
indicates a possible price uptrend. For the Dogecoin Textbook
Weekly Golden Cross, the analyst has suggested that the meme coin
could see greater upward momentum to new highs around 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.
Currently, at the 0.618 Fibonacci level, the Dogecoin price is
projected to surge to the 0.73838 Fibonacci level at $0.8.
Additionally, the meme coin is expected to rise steadily towards
the 1.0866 Fib between $0.95 and $1.1. Notably, the crypto
analyst disclosed that the last time the Dogecoin price experienced
a Textbook Weekly Golden Cross was in 2020, during the previous
crypto bull run. Kevin revealed that Dogecoin experienced a dip for
weeks during that time, followed by a substantial rally to new
ATHs. As a result, the analyst has urged investors to stay
cautious, especially in the short term, as Dogecoin could display
some volatility or experience a dip before moving
upwards. Analyst Says Golden Cross To Drive DOGE
Even Higher In another X post, crypto analyst Milkybull Crypto also
announced that a Golden Cross has occurred on the Dogecoin weekly
chart. However, instead of a $1 price target, the analyst has set a
bullish target between $2 and $4 for Dogecoin. The analyst is
confident that this bullish price prediction is possible this
cycle, as Dogecoin has historically undergone what he describes as
”life-changing rallies“ when this Golden Cross occurs. Currently,
the price of Dogecoin is trading at $0.28, marking a 23.24%
increase in just one day and an 84.66% surge over the past seven
days, according to CoinMarketCap. Featured image created with
Dall.E, chart from Tradingview.com
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