Rally

2024

Dogecoin

April

when

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week. According to Yomi, DOGE is on the verge of creating a golden cross on its price chart, an event that could indicate the continuation of a major bull run. He noted the need for a green candle this week in order to start a new rally, which could be tough considering recent on-chain metrics and market fundamentals.&nbsp; 
<h2 id="dogecoin-flashing-weekly-golden-cross">Dogecoin Flashing Weekly Golden Cross</h2> 
The weekly chart for Dogecoin is flashing a golden cross, a bullish signal that occurs when the 50-week moving average crosses above the 200-week moving average. According to a weekly price chart shared by Yomi, this weekly cross looked almost completed just two weeks ago, as a price surge for DOGE in the past two months saw the short-term moving average approaching the longer one.&nbsp; 
However, <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-memecoins-doge-active-trader-count/">trader sentiment around DOGE</a> has turned bearish since the beginning of April as the bulls struggled to push the crypto past the $0.22 mark, allowing it to form a price resistance level. Consequently, DOGE has gone on to form two weeks of bearish candles, which has derailed the completion of a golden cross.&nbsp; 
<blockquote class="twitter-tweet"> 
 Update on <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Dogecoin</a> pending weekly Golden Cross. We are still multiple weeks of upward price action away from achieving this bull market milestone. 2 red weeks in a row have cause us to deviate slightly also. Need green soon to get back on track! <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#DOGE</a> <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Altcoins</a> <a href="https://t.co/QfdFSR24Uc" rel="nofollow">pic.twitter.com/QfdFSR24Uc</a> 
 — Yomi (@OG_Yomi) <a href="https://twitter.com/OG_Yomi/status/1779699546597048809?ref_src=twsrc%5Etfw" rel="nofollow">April 15, 2024</a>
</blockquote> 
Yomi observed that the formation of this bullish indicator has been pushed forward to multiple weeks of upward price movement. Furthermore, Yomi said all that’s needed is for DOGE to close higher than its open price this week and form a green candle to confirm the breakout and get back on track to a golden cross.&nbsp; 
<h2 id="doge-to-turn-bullish">DOGE To Turn Bullish?</h2> 
Dogecoin dropped by an astounding margin last week to <a href="https://bitcoinist.com/why-did-dogecoin-shiba-inu-and-other-meme-coins-crash/" rel="nofollow">spearhead the crash</a> in the majority of meme coins. Interestingly, the crypto fell to as low as $0.13 in the middle of the week, representing a 33% decline from its opening price at the start of the week. During the price fall, crypto whale transaction tracker Whale Alerts <a href="https://x.com/whale_alert/status/1779297204873666703" rel="nofollow">noted the transfer</a> of 600 million DOGE tokens worth $92.3 million from a private wallet into Binance, hinting at a potential sell-off from a DOGE whale. 
However, all is not lost as Dogecoin price action has been showing green in the past day. At the time of writing, DOGE is trading at $0.1669, up by 5% in the past 24 hours. If DOGE can close substantially above its weekly open of $0.1624, that would confirm the continuation of the journey to a golden cross and likely kick off <a href="https://bitcoinist.com/analyst-predicts-where-dogecoin-price-will-be/" rel="nofollow">a new uptrend</a>.&nbsp; 
Yomi noted in <a href="https://x.com/OG_Yomi/status/1779569490772041994" rel="nofollow">another post</a> on social media that Doge will continue to tease a bullish price action in the longer term as long as it stays above $0.12 this week.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/2NfDD4AN/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530">

Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

Table of Contents

NewsBTC

Other articles published on Apr 15, 2024

BlackRock's Bitcoin ETF Aiming for Record-Breaking Inflow Streak

Crypto Market Analysis : Bitcoin Price Bounce Back; What Can We Expect from Altcoins This Week?

Germany’s Largest Federal Bank To Offer Crypto Services In Q2

Ethereum's Price Increased More Than 3% Within 24 hours

GMX Launches New Era of Single-Token Pools on V2

Ethereum Price Reclaims $3K But Can ETH Continue Higher?

Join our free newsletter for daily crypto updates!