HomeNewsDogecoin Soars: Golden Cross Signaling a Potential Rally?

Dogecoin Soars: Golden Cross Signaling a Potential Rally?

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  • With a probable golden cross pattern forming, DOGE is showing bullish signals. It has already increased by more than 13% in the last week.
  • Well-known expert Ali Martinez predicts that Dogecoin may hit $1 by April 2024, indicating a robust level of market optimism.

As it approaches the bullish technical indication called the “golden cross,” Dogecoin (DOGE) is once again drawing interest from the market. Similar trends have preceded previous price spikes, such as the notable early 2021 rally when DOGE’s price soared by nearly 8,000%.

Dogecoin’s Recent Performance and Market Trends

Trading at about $0.1512 as of the most recent CoinGecko data, DOGE has increased by 4.26% in the previous 24 hours and by a strong 13.35% in the last week.

The astonishingly high market cap of the meme coin right now is above $21 billion. The fact that Dogecoin’s success has outpaced Bitcoin’s growth by almost 50% indicates strong momentum.

Near-term momentum may soon surpass the long-term, possibly igniting a protracted bullish trend if the 50-week simple moving average (SMA) crosses above the 200-week SMA, a scenario sometimes known as the “golden cross.”

Source: Trading View

DOGE gained a solid footing above this important average in March when its price movement surpassed its 200-week SMA.

Trade Methods and Analyst Forecasts

Momentum traders and market analysts carefully monitor such moving-average crossings to prepare entry and exit positions.

In line with what ETHNews previously disclosed, reiterating the positive outlook on Dogecoin’s future, renowned on-chain expert Ali Martinez recently conjectured on his X page that DOGE may reach $1 by April 2024.

Investors should proceed carefully, though. With U.S. rates now over 5%, the factors that drove DOGE during its previous significant rally—especially the low interest rates around the world—are very different today.

Moreover, the market for DOGE is very speculative and primarily driven by market moods rather than specific real-world applications, which makes it vulnerable to changes in interest rate expectations and global liquidity.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628