The Dogecoin worth has started a fresh climb above $0.4 for the primary time in over three years, placing it at levels not seen since the 2021 bull market. Particularly, the meme coin is up by about 55% previously 24 hours, additional relaying the bullish sentiment. Interestingly, this newest transfer on the technical charts has caught the eye of crypto lovers, with some analysts forecasting that the favored meme coin is perhaps ready to create a brand new all-time excessive.
According to a crypto analyst, a bullish indicator often called the “golden cross” lately appeared on Dogecoin’s weekly chart, which is setting the stage for a brand new all-time excessive very quickly.
Analyst Highlights Golden Cross On Dogecoin Price Weekly Chart
A golden cross occurs when the 50-moving common (a short-term worth common) crosses above the 200-moving common (a long-term worth common) on a worth chart. This technical indicator is commonly considered as a bullish sign and is even very uncommon on longer timeframes just like the weekly chart. When it does seem, it could possibly mark the beginning of significant upward momentum.
In the case of the Dogecoin worth, this golden cross on the weekly timeframe was observed by a crypto analyst who goes by the identify Mikybull Crypto on social media platform X. Interestingly, this has solely occurred for the Dogecoin worth just a few instances in historical past. He identified that the final time this sample emerged for Dogecoin was within the ultimate quarter of 2020, which was simply earlier than the very best Dogecoin rally until date.
The final golden cross on its weekly chart signaled the beginning of its 2021 rally, throughout which the coin skyrocketed from fractions just below $0.004 to over $0.73 inside just a few months.
Why A $4 Target May Be Possible This Cycle
Milkybull Crypto highlighted attainable worth targets for the Dogecoin worth after stating the golden cross. Interestingly, the value prediction is predicated off of the alignment of the Fibonacci levels with the Dogecoin efficiency after the final golden cross. Analysts typically use these ranges to establish attainable future worth factors the place belongings would possibly face resistance or discover help throughout an uptrend or downtrend.
According to Mikybull Crypto, Fibonacci extension ranges point out {that a} rally towards $2 to $4 may very well be achievable for Dogecoin on this cycle. Notably, essentially the most attainable resistance may very well be encountered on the 1.618 Fib degree when projected from the golden cross, which is round $2.4464.
At the time of writing, Dogecoin is buying and selling at $0.4278 and is just about 70% away from creating an all-time excessive. A continued rally to the all-time excessive may be very possible at this level, on condition that the meme coin is already up by 156% previously seven days. If Dogecoin had been to succeed in $2 and $2, this is able to symbolize a return of 370% and 835%, respectively, from the present worth.
Featured picture created with Dall.E, chart from Tradingview.com
