The Dogecoin price is once again showing signs of strong upward momentum. Specifically, a golden cross has appeared on the Dogecoin 4-hour price chart, which could lead to a continuation of the bullish trend in the coming weeks. The appearance of the golden cross indicates that buyers are now in control, and this meme coin is likely repeating the rally seen in early November.
**The Golden Cross on the Dogecoin Price Chart**
In technical analysis, a golden cross is a pattern where a short-term moving average crosses above a long-term moving average. Crypto analyst Trader Tardigrade, known for his technical insights on social platform X, highlighted the golden cross in the Dogecoin price. According to the analyst, this golden cross was observed in the Moving Average Convergence Divergence (MACD) indicator, which was below the zero line.
When the MACD is in this position below the zero line, it indicates a shift from bearish to bullish sentiment, laying the groundwork for a price increase. Based on the Dogecoin 4-hour price chart shared by Trader Tardigrade on the social media platform X, this is not the first time such a golden cross has occurred in recent weeks. Specifically, Dogecoin experienced a similar MACD golden cross in the first week of November. At that time, Dogecoin was trading around $0.15 on November 4th. After this golden cross, a bull run ensued, leading to a strong rebound, reaching a peak of $0.426 for the first time on November 12th. This means the price increased by approximately 184% in eight days.
The historical performance after the November golden cross has raised expectations for what might happen this time. If Dogecoin's price follows a similar trajectory, it could see a significant increase in the coming days. Based on Trader Tardigrade's forecast and the November price pattern, this rally could push Dogecoin towards a target price of $1 on December 7th.
**The Key Levels for Dogecoin to Reach $1**
As Dogecoin prepares for the expected rebound, it must break through certain resistance levels to achieve its ambitious $1 target. The immediate resistance is at $0.43, followed by the current 2024 high of $0.4759. Breaching this level would allow Dogecoin to set a new three-year high.
From there, sustained momentum and buying pressure could push Dogecoin towards $0.50 and the current all-time high of $0.7316, before aiming for the $1 mark. On the downside, the support levels at $0.37 and $0.35 are crucial for maintaining the bullish sentiment, especially if the golden cross fails to deliver the expected rebound.
At the time of writing, the Dogecoin price is $0.404, up 9.8% from the November 26th low of $0.3679.
