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A recent analysis from a well-known Dogecoin (DOGE) enthusiast and technical analyst suggests that DOGE could be on the verge of a stunning price, as he pointed out that the meme coin is just a few weeks away from completing its first "golden cross" in over four years - a technical indicator often associated with upward momentum.
A golden cross happens when an asset's short-term moving average crosses above its long-term moving average, which usually means a bullish trend is starting. The last time this pattern occurred on Dogecoin was in early January 2021.
Yuri MolchanOver the next few months, DOGE's price shot up by over 8,000%, reaching an all-time high of $0.76.
Right now, Dogecoin is trading at $0.10 with a market cap of $14.67 billion. The technical outlook suggests that the price could reach as high as $0.93, $2.27 or even $3.80, depending on market conditions and the broader economic liquidity cycle.
If DOGE reaches the lower end of this range, its market cap would be up to $135.78 billion. But it is not clear if these price jumps are actually going to happen, given what is going on in the market right now.
Arman ShirinyanSome people might say that these price predictions are based on too much optimism. It is also worth mentioning that past performance is not a guarantee of future results. Moving average crossovers can sometimes lead traders astray, especially on such chaotic markets like that of crypto.
Arman Shirinyan
Tomiwabold Olajide