Dogecoin (DOGE) has seen a notable increase, rising 20% over the past week, although it remains far from its 2021 ATH. A golden cross formation is observed, indicating potential future growth.
What is Golden Cross?
The golden cross, also known as 'golden intersection', is seen as a bullish signal in financial markets. It occurs when the 50-day moving average (MA 50) crosses above the 200-day moving average (MA 200). This signals that short-term momentum is outperforming the long-term trend and may lead to a major bull run.
What to Expect from DOGE Price?
While the golden cross is generally recognized as a positive price indicator, its predictive accuracy is mixed. Analyst Omkar Godbole pointed out that many significant movements for Dogecoin occurred after golden crosses. For instance, following the golden cross on November 6, 2024, DOGE’s price surged over 130% in the subsequent four weeks. A similar situation was noted in November 2023, with a 25% rise in about a month.
Current Dogecoin Metrics
As of the time of writing, DOGE is trading at $0.243, indicating a 7.6% increase in the last 24 hours.
The rise of Dogecoin and the formation of a golden cross are of interest to investors and traders. Monitoring the behavior of this cryptocurrency may signal possible future price movements.
