Doge 's outlook is currently optimistic, as technical indicators suggest a golden cross will appear on the memecoin 's chart. Based on history, such a development could mark the beginning of a major bull run for Doge.
Analyst Kevin (formerly OG Yomi) mentioned in his X post that Dogecoin is 2 to 3 weeks away from its first weekly chart golden cross in 4 years. The analyst added Doge enjoyed a six-month bull run and was up 18,000% the last time it saw a weekly golden cross.
Source : X
The golden cross occurs when the 50-day moving Medium (MA) rises above the 200-day MA. This technical indicator is considered a bullish signal because it often indicates a strong bull market. Dogecoin 's weekly golden cross would therefore confirm an impending parabolic price rally for the leading memecoin.
Dogecoin has so far failed to show any significant strength during this market cycle, even as other top memecoins like PEPE (PEPE) continue to hit new highs. However, analysts like Crypto Kaleo have affirmed that “the meme king will not be left behind” in this price increase and predict that Doge will still have a chance to thrive.
Analyst Javon Marks also offered a bullish take on Dogecoin, saying that the memecoin's most recent pullback looks more like a shake-up and that Doge is almost ready to rise to $0.65. Marks thinks this price target is appropriate because Doge is holding firmly above trendline resistance. The analyst added that it was only a matter of time before Dogecoin enjoyed a price increase of over 378%.
Source : X
Interestingly, Marks also raised the possibility of Doge continuing to rise to $1.25, saying that a break or hold above the initial price target of $0.65 would push Doge to such heights.
Crypto Kaleo suggested in its X post that Dogecoin may have to pull back eventually before it rises to $1. Kaleo commented that it is still “a bit early” for Doge to pump based on previous cycles related to the Bitcoin halving event. However, the analyst added that pumps will happen and urged Doge investors to be a little more patient.
Source : X
As for how low Dogecoin could fall, Crypto Kaleo believes that Dogecoin will suffer a similar pullback after the launch of spot Bitcoin ETFs in January. However, the analyst asserted Such a pullback would not be “crazy in the big picture”.
Interestingly, Crypto Kaleo predicts Dogecoin could fall to as low as $0.08 before reaching $1. However, some Kaleo Watcher disagree, arguing that it is unlikely since $0.08 is the bear market low for memecoin and the market is still in a bull cycle.
Doge 4-hour price chart | Source: Tradingview.com
You can XEM the Doge price here.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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Minh Anh
According to Bitcoinist
