Dogecoin’s (DOGE) bullish breakout is imminent as the anticipated Dogecoin 1.0 launch approaches. “golden cross” Technical pattern is taking shape. This pattern has attracted attention because it was the same one that occurred in early 2020, which preceded DOGE’s massive price surge.
Dogecoin, with its current market cap at approximately $21.7billion, has had a stellar performance in this past year. The price of the cryptocurrency increased by over 70%. The growth of Dogecoin has outpaced that of Bitcoin (BTC), which is the biggest cryptocurrency in terms market capitalization.
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Golden Cross: Bullish sign for Dogecoin
Golden cross occurs when the shorter-term simple moving (SMA) crosses over the longer-term SMA, which is usually the 200-week SMA. This crossover signals that short-term price momentum outpaces long-term momentum and could signal the start of a bullish trend.
Momentum traders rely heavily on moving average crossovers to help them identify market entry and exit signals. Dogecoin is about to experience its first golden cross in three years. History suggests that it may be a sign of a price surge.
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Dogecoin price broke out of its sideways pattern in March 2023 when it surpassed the 200-week SMA. Since then, Dogecoin has been able to maintain a position above the critical average.
Can DOGE achieve $0.2 per share in May?
Dogecoin is expected to reach the $0.2 level in May of 2024. This will be a result of the bullish market sentiment and the approaching golden cross. Changelly’s experts have analysed DOGE price fluctuation at the start of 2023 and predict that Dogecoin will average $0.139 in May 2024.
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They also predict a possible range in Dogecoin’s price, between a minimum of $0.128 up to a max of $0.149. Although these projections indicate that reaching $0.2 is unlikely in May, the confirmation and general sentiment of the market could result in a substantial price increase for DOGE.
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Source: watcher.guru
