The Dogecoin price seems poised to potentially hit the $1 All-Time High (ATH), driven by a rare technical indicator known as the Textbook Weekly Golden Cross. Crypto analyst Kevin, using X (formerly Twitter), identified this Golden Cross on Dogecoin's chart and forecasted a possible price rally towards the $1 price mark.
Dogecoin, the world's prominent meme coin, has achieved the “Textbook Weekly Golden Cross“ for the first time in four years, indicating potential upcoming price increases. This indicator typically occurs when the 50-day Simple Moving Average (SMA) surpasses the 200-day SMA, a common signal of a bullish trend.
Currently trading around $0.28, Dogecoin's price movements appear bullish. Analysts, including Kevin, highlight possible price targets suggesting growth beyond $1, with projections of reaching levels like $0.8 and possibly between $0.95 and $1.1 on the Fibonacci scale.
Kevin recalled the last such occurrence in 2020 when Dogecoin saw a significant rally post a dip during the previous crypto bull cycle. However, he advised investors to be cautious about potential short-term volatility or dips before upward trends.
Another analyst, Milkybull Crypto, also confirmed the Golden Cross on the Dogecoin weekly chart, predicting an even higher bullish target between $2 and $4. This optimism is based on Dogecoin's historical patterns of substantial rallies following such technical signals.
At present, Dogecoin is valued at $0.28, showing a daily rise of 23.24% and an impressive 84.66% increase over the past week, as detailed by CoinMarketCap. Analysts remain optimistic about Dogecoin’s trajectory following this key technical occurrence.
