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The Dogecoin price could be gearing up to reach the coveted $1 mark Highest ever (ATH) as the meme coin just showed a rare technical indicator known as the Textbook Weekly Golden Cross. Kevin, the crypto analyst at X (formerly Twitter) who identified this Golden Cross on the Dogecoin map, predicted that the pattern could cause a price increase towards $1.
Golden Cross reaches a $1 target for Dogecoin price
The world’s largest meme coin, Dogecoin, just completed the “Textbook Weekly Golden Cross” for the for the first time in four yearsindicating that higher prices are likely in store. The Dogecoin price stood at one big bullish momentum this monthand recent price movements suggest the cryptocurrency is poised for an even bigger price rally.
According to Kevin, A Golden Cross usually 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 period of time, while a 200 SMA indicates a price average over a longer period.
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 indicating a possible price uptrend. For the Dogecoin Textbook Weekly Golden Cross, the analyst has suggested that the meme coin could see greater upside momentum towards new highs around Price target of $1.
Kevin shared a price chart showing Dogecoin’s steady rise to new ATHs. With the Dogecoin price currently trading around $0.28, the analyst has highlighted several bullish objectives for the meme coin, with some even surpassing the $1 target.
Currently at 0.618 Fibonacci levelThe Dogecoin price is expected to rise to the Fibonacci level of 0.73838 at $0.8. Furthermore, the meme coin is expected to steadily rise towards 1.0866 Fib between $0.95 and $1.1.
Notably, the crypto analyst revealed 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 during that time, Dogecoin experienced a dip for weeks, followed by a substantial rally to new ATHs. As a result, the analyst has urged investors to remain cautious, especially in the short term, as Dogecoin could show some caution. experiencing volatility or a dip before you go upstairs.
Analyst says Golden Cross will take DOGE even higher
In another X messagecrypto analyst Milkybull Crypto also announced that a Golden Cross has occurred on Dogecoin’s 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 bullish price prediction is this cycle possible, as Dogecoin has historically undergone what he describes as “life-changing gatherings” when this Golden Cross takes place. Currently, Dogecoin’s price is trading at $0.28, which represents an increase of 23.24% in just one day and an increase of 84.66% in the past seven days, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
