Dogecoin May Be Preparing for Another Big Surge in price as the meme coin’s chart shows the formation of an important pattern. The Golden Cross pattern is an important bullish formation on a chart that usually precedes a notable rally for digital assets like DOGE. Currently, the Dogecoin price is forming its first golden cross in four years, making this an important development for the meme coin’s price.
Dogecoin Analyst Points Out Golden Cross
Dogecoin analyst Kevin Capital on X (formerly Twitter) highlighted an important formation on the Dogecoin chart. According to the crypto analyst, the DOGE price movement in recent months has been pushing for the formation of a Golden Cross.
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Now, a Golden Cross pattern is usually formed when a short-term moving average, such as the 50-day moving average, and a long-term moving average, such as the 200-day moving average, cross each other. It usually happens that the short-term moving average crosses the long-term moving average from below.
Currently, the short-term MA and the long-term MA have not yet crossed, but the Formation of the Golden Cross appears to be underway. In the post, Kevin explains that the formation of the Golden Cross could happen in the coming weeks. When it does, it could signal the beginning of a bullish rally and, according to Kevin, it would be the first Golden Cross in four years.
DOGE price could reach $3.8
The completion of the Golden Cross pattern could be the catalyst that puts Dogecoin price on track for a new all-time high. The first Dogecoin price target with this formation is $0.93. This would be an increase of almost 1,000% from the current level, just about $0.1.
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But it doesn’t end there, as the crypto analyst believes there is a possibility that the price of Dogecoin could rise even higher than that. In what he calls a “huge performance,” he says that the price of DOGE could surpass $2.2 if that happens. That would be an increase of over 2,000%.
The third and Dogecoin price target with the Golden Cross formation is $3.8. The analyst explains, however, that it would take an “astronomical performance” for that to happen. However, it would mean an increase of more than 3,700% from here.
However, the crypto analyst explains that the Dogecoin Price Hitting These Levels depends on “how this economic liquidity cycle plays out.” Dogecoin’s current all-time high is $0.73, meaning an 800% increase from here would solidify a new high.
Featured image created with Dall.E, chart from Tradingview.com