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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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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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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 </figure>
 <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>
  </figcaption>
 </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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