Dogecoin’s golden cross hints at a rally toward $1 – Is it possible?

DOGE’s price was moving inside an up channel.
The Bollinger Bands suggested a price correction soon.

As a seasoned researcher with years of experience tracking the crypto market, I have witnessed countless bull runs and bear markets. However, the recent surge in Dogecoin [DOGE] has been particularly noteworthy. The golden cross on its weekly chart, coupled with the surge in trading volume, Open Interest, and network activity, paints a promising picture for DOGE’s price.

In recent times, the investment climate has significantly shifted towards benefiting investors, as a majority of tokens have experienced substantial increases. Notably, Dogecoin [DOGE] also joined this upward trend.

Over the past week, a significant surge in value for the globe’s biggest meme coin, Dogecoin (DOGE), was observed after a recent boost to its price, even climbing into triple digits. Furthermore, an important event transpired that suggests further increases in DOGE’s price could be on the horizon.

Dogecoin’s golden cross

Last week saw unquestionable control from Dogecoin’s optimistic investors, resulting in a staggering price increase of over 140%. Interestingly, this upward trend persists even today, with the bull market still going strong.

According to CoinMarketCap, the value of Dogecoin (DOGE) experienced a significant increase of approximately 48% at that point in time. Currently, each Dogecoin is being exchanged for around $0.4192.

According to our analysis at AMBCrypto, it was indicated that Dogecoin (DOGE) might experience a significant increase of approximately 50%.

61.6 million Dogecoin wallets are now showing a profit due to the recent price hike, making up approximately 96% of all existing Dogecoin accounts.

Meanwhile, the memecoin DOGE experienced what’s known as a “golden cross” on its weekly graph. This means that its 9-day moving average surpassed its 21-day moving average, suggesting that the coin’s price could potentially keep increasing.

Odds of DOGE’s bull run continuing

In the meantime, Ali, a popular crypto analyst, also posted a tweet revealing a notable update.

According to the tweet, Dogecoin (DOGE) was found within an upward trending channel, and currently, it’s being tested against the midpoint of resistance in this pattern.

A successful test could fuel this ongoing rally, suggesting a potential rise towards $1. Therefore, we took a look at DOGE’s on-chain data.

As the trading volume of the memecoin surged significantly, so did its price, creating a strong base that often precedes an upward market trend, or a ‘bull run’.

The increase in Open Interest suggests a strong likelihood that the current bullish trend will persist for an extended period.

Moreover, it’s worth noting that there was a significant increase in the number of daily active wallets using Dogecoin, indicating a high level of network activity.

While the previously mentioned indicators seemed optimistic, it’s possible that difficulties could arise for Dogecoin. The coin’s price has reached the upper boundary of the Bollinger Bands, a situation commonly followed by price adjustments or corrections.

Additionally, it’s worth noting that the Money Flow Index (MFI) of this meme-based coin has moved into an overbought region. This implies that there could be an increase in selling activity, potentially causing a downturn in the coin’s positive trend.

Read Dogecoin’s [DOGE] Price Prediction 2024–2025

As a researcher, I’ve observed that Dogecoin wasn’t significantly impacted by large-scale liquidations in the near future. This is because the liquidation map didn’t indicate substantial liquidity events happening over the next few days.

Based on the Bollinger Bands’ prediction, if DOGE experiences a correction, it could potentially fall to its support level around $0.32.

2024-11-12 14:16

Dogecoin’s golden cross

Odds of DOGE’s bull run continuing

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