Dogecoin (DOGE) might be on the verge of a significant price increase, thanks to a promising technical pattern called a “golden cross.” Additionally, Ferrari’s new policy to accept cryptocurrency payments, including DOGE, in Europe could drive up demand and boost its value.
What’s next for the darling dog of the crypto world? Read on.
Crypto analyst and trader Kevin predicts that Dogecoin could soon form a golden cross, a strong bullish signal not seen for over three years. The last golden cross for DOGE happened in early 2021, leading to a stunning 18,000% price increase, from $0.003 to $0.75.
If history repeats, DOGE could soar to $23.40 per coin, with a market cap reaching over $3.48 trillion. Although past performance isn’t a guarantee of future gains, the idea of another golden cross is generating excitement among DOGE fans.
A golden cross occurs when a short-term moving average (50-week SMA) crosses above a long-term moving average (200-week SMA), signaling a potential upward trend. For Dogecoin, this upcoming golden cross could signal the start of a significant price rally, based on past trends and current trading strategies.
Despite the optimistic forecast, some market watchers are doubtful. They argue that such dramatic growth may be unlikely due to the evolving crypto market and Dogecoin’s current market cap. However, indicators like the Vigor Index (RVGI) are showing a shift from bearish to bullish, suggesting increased buying pressure.
Recent data shows Dogecoin has gained 7.1% over the past week. Yet, there’s been a 42.5% drop in large transaction volumes, a 7.5% decrease in daily active addresses, and a 115.5% fall in exchange net flows. Additionally, $3.14 million in Dogecoin positions were liquidated in the past 24 hours.
Currently, Dogecoin is trading at $0.144, down 4.68% in the last 24 hours due to broader market selling pressure. The Relative Strength Index (RSI) is at 49, indicating a neutral market sentiment and providing a balanced view for both buyers and sellers.
As the market watches for the golden cross, it could signal a major rally for Dogecoin. However, investors should also consider the broader market conditions and sentiment before making any decisions.
Dogecoin is on the cusp of something big. Are you buying, selling, or holding?
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