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Popular meme cryptocurrency price Dogecoin (DOGE) has climbed over 6.3% today, with a large green candle now announcing its daily chart. As a result of this action, Dogecoin is now trading above the $0.168 mark, which is the highest price since the end of October, and if we zoom out from the period of fall 2024, this is the highest price for DOGE since May.
In total, since the start of the week, DOGE price has gained over 11%, with only the next resistance visible around $0.175, which is 4.3% higher than current levels.
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Interestingly, all of this is happening for Dogecoin as the golden cross is about to form on its daily price chart. For those who don’t know, the golden cross is a technical analysis phenomenon that is essentially an intersection point of short and long moving averages.
In our case, the golden cross is formed when the 50-day moving average crosses the 200-day moving average upwards, which is a classic example of a golden cross.
What can DOGE traders expect?
The last time this happened to DogecoinThe price of the popular meme coin soared over 21% over the next 128 days, from a low of $0.07 in November 2023 to a high of $0.23 in March 2024.
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It is difficult to predict whether this will be the case this time around, as nothing is set in stone in the crypto market. However, the price history of DOGE has seen examples of golden cross rallies, and it will at least be interesting to keep an eye on the price chart of the popular meme coin.