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

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.

#Dogecoin Golden Cross Soon pic.twitter.com/xuX30pGGEb

— Crypto Daily Trade Signals (@cryptodailyTS) May 11, 2024

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.

$DOGE’s weekly price averages suggest a potential bullish golden cross formation, reminiscent of the one observed in early January 2021, which preceded an 8,000% price surge #Doge #Dogecoin pic.twitter.com/zsazPX4ULI

— Crypto Daily Trade Signals (@cryptodailyTS) May 11, 2024

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%.