In the world of cryptocurrency, the well-known meme coin DOGE is showing signs of a potential price surge, with its weekly price averages forming a strong golden cross pattern. This pattern has historically indicated significant price increases, as seen in January 2021 when DOGE's price surged by 8,000%.

The reemergence of the golden cross technical formation, which was a predictor of the previous price rise in early 2021, is creating excitement among DOGE investors. Despite its market value of around 22 billion dollars, DOGE has already experienced a price increase of more than 70% this year, surpassing Bitcoin's rise of approximately 50%.

Currently, Dogecoin's spot price is on an upward trend in its 50-week simple moving average, suggesting that it may surpass its 200-day moving average in the near future, potentially leading to a golden cross formation. This indicates that short-term price momentum is anticipated to be stronger than long-term momentum, potentially signaling a long-term upward trend.

After surpassing its 200-week simple moving average back in March, DOGE has maintained solid support above this critical average, breaking out of a long-term horizontal consolidation. If the upcoming golden cross does occur, it would be the first of its kind in over three years, following the previous significant rally in January 2021.

However, it's important to note that past performance is not always indicative of future results, especially for meme coins like DOGE that lack real-world use cases and rely heavily on speculation. These coins are particularly sensitive to liquidity conditions with fiat currencies and global interest rate expectations.

During DOGE's surge in 2021, global interest rates were at or below zero, fueling significant risk-taking in financial markets. With interest rates currently at some of the highest levels in the USA in recent years, assets like DOGE could be impacted in the future.

For more information, you can refer to the original post on COINTURK NEWS titled "Dogecoin Shows Strong Signs of an Upcoming Price Surge".