Dogecoin will post a ‘golden cross’ soon – last time the memecoin rose 8,000%

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Last Updated on 13 May 2024 by CryptoTips.eu

The weekly chart of Dogecoin, still the largest memecoin, currently shows the buildup of same bullish sign that we saw earlier in 2021, just before the jump to 75 dollar cents, namely a ‘golden cross’. The 50-week moving average will normally move higher than the 200-week moving average somewhere next week.

Is ‘Dogecoin to a dollar’ finally going to happen? The last time we noticed this sign (just before the fantastic 2021 rally), Dogecoin rose by around 8,000% in the following months.

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Golden cross

There are two technical signals that anyone who uses a stock market chart for trading should know, namely a ‘death cross’ and a ‘golden cross’. Whenever you see one of those two signs in a stock or a cryptocurrency, you can assume that classic investors will either take their profits and sell (in the case of a death cross), or increase their purchases (in the case of a ‘golden cross’).

A golden cross means that there are more new buyers than older (mostly longterm) Hodlers of the coin, which usually means we are moving from a bear market to a bull market for that coin.

The last time we noticed a golden cross for Bitcoin was at the end of January of this year, some good six weeks before the jump from $50,000 to the new all-time high of $74,000.

In addition, a golden cross is a ‘lagging indicator’, which means that you are actually already late and should have entered earlier.

We’ll check in a few months to see whether this classic ‘golden cross’ buildup was right this time too.

Since the beginning of this year, Dogecoin has already gone up about 60%.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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