Dogecoin Forming First Golden Cross In 4 Years, Is A 3700% Rally To $3.8 Possible?
19 September 2024 - 4:30PM
NEWSBTC
Dogecoin could be gearing up for another major surge in price as
the meme coin’s chart shows the formation of a major pattern. The
Golden Cross pattern is a major bullish formation on a chart that
usually precedes a notable rally for digital assets such as 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) has highlighted an
important formation on the Dogecoin chart. According to the crypto
analyst, the movement of the DOGE price over the last few months
has been pushing it toward the formation of a Golden Cross. Related
Reading: Crypto Analyst Says Bitcoin All-Time High Only A Month
Away After Breaking $60,000 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 crosses. It usually happens that the short-term moving
average crosses the long-term moving average from below. Presently,
the short-term MA and the long-term MA are yet to cross, but the
Golden Cross formation looks to be in the works. In the post, Kevin
explains that the Golden Cross formation may happen in the next few
weeks. Once this happens, it could signal the start of a bullish
recovery, and according to Kevin, it would be the first Golden
Cross in four years. DOGE Price Could Touch $3.8 The completion of
the Golden Cross pattern could be the catalyst that sets the
Dogecoin price on a path to a new all-time high. The first target
for the Dogecoin price with this formation is $0.93. This would be
an almost 1,000% increase from the current level, just around $0.1.
Related Reading: Ethereum In 2021 Vs. 2024: Fractal Suggests Major
Breakout In Q4 It doesn’t end there, however, as the crypto analyst
believes that there is a possibility that the Dogecoin price will
go higher than this. In what he calls a “Huge out performance,” he
says that the DOGE price could cross $2.2 if this happens. This
would be an over 2,000% increase. The third and final target for
the Dogecoin price with the Golden Cross formation is $3.8. The
analyst explains, though, that it would take an “astronomical
performance” for this to happen. Nevertheless, this would mean an
over 3,700% increase from here. However, the crypto analyst
explains that the Dogecoin price reaching these levels depends on
“how this economic liquidity cycle pans out.” The current Dogecoin
all-time high is $0.73, which means an 800% increase from here will
solidify a new high. Featured image created with Dall.E, chart from
Tradingview.com
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