- Dogecoin (DOGE) is setting up for a potential ‘Golden Cross’ event, which could trigger a significant bullish rally.
- The last time this event occurred in early 2021, DOGE saw an impressive 8,000% surge in price.
- However, the meme coin currently faces strong resistance at $20, which needs to be overcome for the rally to take place.
Dogecoin is on the brink of a potentially massive rally, as it approaches a ‘Golden Cross’ event. If history repeats itself, we could see a surge similar to the 8,000% increase in 2021.
Dogecoin Approaching ‘Golden Cross’
Dogecoin, the world’s largest meme coin, is laying the groundwork for a potential mega rally. The altcoin’s price chart indicates that it is nearing a ‘Golden Cross’ event, a bullish signal that often rewards long-term investors. At the time of writing, DOGE is trading at $0.145 with a market cap of $20.92 billion. Despite recent corrections, the overall upward trend remains intact, with the coin still boasting 85% gains since the start of the year.
Potential for Significant Bullish Rally
The 50-week simple moving average (SMA) of DOGE’s spot price is currently on an upward trajectory. If this continues, it could intersect with the 200-week SMA in the coming weeks, creating a ‘Golden Cross’. This event, last seen in Dogecoin in early 2021, led to a remarkable rally that saw the coin reach an all-time high of over $0.73 just four months later. A ‘Golden Cross’ indicates a potential shift to a bullish market trend and is often seen as a strong buy signal.
Conclusion
While the potential for a significant rally is exciting for Dogecoin investors, it’s important to remember that the coin currently faces strong resistance at $20. This resistance needs to be overcome for the rally to take place. However, if the ‘Golden Cross’ event does occur and history repeats itself, we could see another impressive surge in Dogecoin’s price in the near future.
