Dogecoin

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 <p class="paragraph">Dogecoin (DOGE), the leading meme cryptocurrency by market capitalization, is signaling a possible bullish trend with the emergence of a “golden cross” pattern in its technical charts.</p>
 <p class="paragraph">This pattern previously foreshadowed a significant <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> in early 2021. Currently <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>d at $0.1438, DOGE has declined by 4.70% over the past day but has shown robust year-to-date (YTD) growth of 60.32%, significantly outpacing Bitcoin (BTC), which has seen a YTD increase of 43.565%.</p>
 <p class="paragraph">The 50-week simple moving average (SMA) of Dogecoin’s spot price is trending upwards and is projected to surpass the 200-week SMA soon, potentially forming a “golden cross”.</p>
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 <p class="paragraph">This bullish technical pattern, which hasn’t occurred since early 2021, previously preceded a significant price rally where Dogecoin soared to its all-time high of over $0.73, following a nearly 8,000% increase.</p>
 <p class="paragraph">A golden cross suggests that new buyers are gaining ground more quickly than long-term holders, marking a potential shift from a bearish to a bullish market phase.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="614" src="https://cdn.thebittimes.com/images/2024/05/11/18637d6f0c87131faf4979aa4e48bc99.webp" alt class="wp-image-175267" srcset="https://cdn.thebittimes.com/images/2024/05/11/18637d6f0c87131faf4979aa4e48bc99.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/18637d6f0c87131faf4979aa4e48bc99.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/18637d6f0c87131faf4979aa4e48bc99.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/18637d6f0c87131faf4979aa4e48bc99.webp 1307w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Dogecoin SMA 50 and SMA 200. Source: TradingView</em>
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 <p class="paragraph">The path to this upcoming <a rel="noopener noreferrer nofollow" title="golden" href="https://thebittimes.com/tag/golden.html">golden</a> <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a> began when Dogecoin broke above its 200-week SMA in March with a dramatic 70% <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> increase in just one week, revitalizing the long-term moving average. This forthcoming <a rel="noopener noreferrer nofollow" title="golden" href="https://thebittimes.com/tag/golden.html">golden</a> <a rel="noopener noreferrer nofollow" title="cross" href="https://thebittimes.com/tag/cross.html">cross</a> would be the first in over three years.</p>
 <p class="paragraph">However, the last golden cross in 2021 led to significant volatility, resulting in a massive surge followed by a 90% decline, with prices eventually stabilizing between $0.05 and $0.10 from May 2022 to February 2024.</p>
 <p class="paragraph">This highlights the volatile nature of cryptocurrency investments, especially in meme tokens like DOGE, which are highly susceptible to market sentiment and speculative trading.</p>
 <h2 class="wp-block-heading" id="h-current-market-conditions-and-analyst-perspectives-nbsp">Current market conditions and analyst perspectives&nbsp;</h2>
 <p class="paragraph">Unlike the favorable macroeconomic conditions of 2021, today’s financial environment presents higher interest rates and increased geopolitical tensions, which might affect speculative investments differently.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="535" src="https://cdn.thebittimes.com/images/2024/05/11/85c560e78bfacab1760592495a8222e6.webp" alt class="wp-image-175268" srcset="https://cdn.thebittimes.com/images/2024/05/11/85c560e78bfacab1760592495a8222e6.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/85c560e78bfacab1760592495a8222e6.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/85c560e78bfacab1760592495a8222e6.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/85c560e78bfacab1760592495a8222e6.webp 1420w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Dogecoin descending trendline. Source:&nbsp; World Of Charts/X</em>
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 </figure>
 <p class="paragraph">Renowned crypto analyst, <em>World Of Charts</em>, suggests that despite these challenges, Dogecoin is approaching a critical descending trendline, with a potential breakout that could trigger a 100% surge in its price, aiming for a target of approximately $0.29.</p>
 <p class="paragraph">This optimistic forecast aligns with momentum traders who regard moving average crossovers as pivotal indicators. As Dogecoin’s 50-week SMA continues to rise, it signals potential opportunities for those seeking short-term gains.</p>
 <p class="paragraph">While the impending golden cross offers a hopeful outlook for Dogecoin, the volatile history following such events advises caution.</p>
 <p class="paragraph">Investors are advised not to rely solely on technical indicators but to also consider the broader economic conditions and personal risk tolerance. A balanced investment strategy is crucial, acknowledging both the potential upsides and downsides.&nbsp;</p>
 <p class="paragraph">Dogecoin’s journey toward another golden cross could indeed ‘kick-off’ another 100% rally, as suggested by <em>World Of Charts</em>.</p>
 <p class="paragraph">However, given the speculative nature of the market, participants should approach with caution, keeping in mind that past performance is not indicative of future results.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>:</em><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/dogecoin-s-golden-cross-could-spark-a-100-price-rally-for-doge-tbt88070.html">https://thebittimes.com/dogecoin-s-golden-cross-could-spark-a-100-price-rally-for-doge-tbt88070.html</a></p>

Dogecoin’s ‘golden cross’ could spark a 100% price rally for DOGE

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