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The price of the popular meme cryptocurrency Dogecoin (DOGE) soared over 6.3% today, with a large green candle now heralding its daily chart. As a result of this action, Dogecoin is now quoted above the $0.168 mark, which is the highest price since the end of October, and if we zoom out from the fall 2024 period, it is the highest price for DOGE since May.
In total, since the beginning of the week, the price of DOGE has gained more than 11%, with only the next visible resistance around $0.175, which is 4.3% higher than current levels.
Arman ShirinyanInterestingly, all of this is happening for Dogecoin as the golden cross is about to form on its daily price chart. For those who do not know, the golden cross is a technical analysis phenomenon that is basically a point of intersection of moving averages, short and long.
In our case, the golden cross is forming as the 50-day moving average is crossing the 200-day moving average to the upside, which is a textbook example of a golden cross.
What can DOGE traders expect?
The last time this happened to Dogecoin, the price of the popular meme coin soared over 21% in the following 128 days, from a low of $0.07 in November 2023 to a high of $0.23 in March 2024.
Godfrey BenjaminWhether that will be the case this time is hard to predict, as nothing is set in stone on the crypto market. However, the price history of DOGE has seen examples of golden cross rallies, and it will at least be interesting to keep an eye on the price chart of the popular meme coin.
Arman Shirinyan
Alex Dovbnya
Dan Burgin