Dogecoin (DOGE) may soon reach an important technical level known as the golden cross. This pattern signals potential growth in the market.
Golden Cross and Its Significance for Dogecoin
In technical analysis, a golden cross occurs when a short-term moving average (typically the 50-day SMA) crosses above a long-term moving average (200-day SMA). In the case of Dogecoin, the 50-day SMA has begun to rise and may cross above the 200-day SMA in the coming days. If this happens, it will be Dogecoin's first golden cross in 2025.
Dogecoin Recovery and Key Resistance Levels
Currently, Dogecoin is trading at $0.23 after reaching $0.248. However, profit taking is evident, and a drop is occurring. The recovery of Dogecoin faces resistance at $0.28, although the price remains above the 50-day and 200-day moving averages.
Potential Scenarios for Further Growth
According to crypto analysts, if Dogecoin clears the $0.36 level, it will pave the way for significant gains, including targets up to $0.70. However, there is a risk that this movement may turn out to be a false signal, especially amid potential overall market downturns. Another option is price consolidation, which may lead to strength building before further moves.
Thus, Dogecoin stands at a crossroads where technical signals could lead to either growth or decline. The state of the crypto market and internal factors will dictate its further dynamics.
