Dogecoin Price On The Verge Of Closing First Weekly Golden Cross In 4 Years And Running 200%

Recent market dynamics have seen the Dogecoin price approaching a major milestone in its moving averages. As identified by an evaluation of the TradingView platform, Dogecoin is about to have its first weekly golden cross in 4 years.

This technical pattern, where the 50-week moving average crosses above the 200-week moving average, could be very rare for Dogecoin. Interestingly, history shows the golden cross is top-of-the-line bullish indicators, suggesting the Dogecoin price may be gearing up for a large surge.

Dogecoin Price About To Make Weekly Golden Cross

Technical evaluation of the Dogecoin price motion has seen a golden cross brewing in each the weekly and day by day candlestick timeframes. Interestingly, the golden cross is closer to fruition on the weekly candlestick timeframe. What’s more interesting is that that is the primary time since 2021 that such a golden cross is going on.

Currently, the Dogecoin price is hovering just above the 200-week MA, and maintaining this position is important to offer the 50-week MA enough traction to push above. Should Dogecoin hold this level, it will set the stage for a considerable price surge within the months ahead. On condition that the worth of Dogecoin has greater than doubled because the starting of 2024, the completion of a golden cross could provide additional fuel for a stronger parabolic rally before the 12 months ends.

Historically, Dogecoin last witnessed a weekly golden cross in January 2021, when it was trading at a modest $0.00317. This technical signal coincided with the beginning of a remarkable bull run across the crypto market, catapulting Dogecoin into the limelight through the height of the meme coin craze.

By the point the rally ended, Dogecoin had gone on a 22,980% run in 4 months to achieve an all-time high of $0.7316.

Source: X

Can DOGE Repeat This Rally With The Weekly Golden Cross?

Dogecoin could possibly be positioned for an additional impressive run if the present setup mirrors the bullish momentum of 2021. If an analogous momentum were to occur, this may see Dogecoin breaking past multiple price resistances before the top of 2024 and in the primary few months of 2025, which in turn could lead on to the creation of a latest all-time high.

By way of a price goal, the TradingView analyst said there have been no price targets, meaning the reins could be open after a golden cross. Nonetheless, realistically, Dogecoin could possibly be set for a rally at the least 200% to the upside within the event of a weekly golden cross.

Dogecoin has failed again to maintain a footing above $0.14 prior to now 24 hours and is currently trading at $0.138. A 200% rally would place Dogecoin near $0.42, but this may largely rely upon its ability to carry above $0.14 and sustain momentum above the 200-week moving average.