The Outlook for Dogecoin (DOGE) is currently bullish as technical indicators point to a golden cross appearing on the meme coin’s chart. Based on historysuch a development could be the start of a massive rally for DOGE.
Dogecoin on the edge of a golden cross
Crypto Analyst Kevin (formerly OG Yomi) named in an X (formerly Twitter) after that Dogecoin is still two to three green weeks away from seeing its first weekly golden cross in four years. The analyst added that DOGE enjoyed a 6-month price increase and an 18,000% price gain the last time the meme coin saw a weekly gold cross.
A golden cross occurs when the 50-day moving average (MA) crosses above the 200-day MA. This technical indicator is considered a bullish signal because it typically strong bull market. A weekly golden cross for Dogecoin will thus confirm that an imminent parabolic rally is coming for the leading meme coin.
Dogecoin has failed to show significant strength this market cycle so far, even as other leading peers like Pepe (PEPE) continue to hit new highs. However, crypto analysts like Crypto Kaleo have claimed that the “king of memes will not be left behind” in this boom and have predicted that DOGE will still have his moment.
Crypto analyst Javon Marks Marks Jr. also recently gave a bullish narrative for Dogecoin, stating that the meme coin’s latest pullback looks more like a shakeout and that DOGE is almost poised for a massive rally to $0.6533. Marks claimed that this price target is well in play as DOGE remains well above the resistance trend. The analyst added that it’s only a matter of time before Dogecoin enjoys this over 378% price rally.
Interestingly, Marks also raised the possibility of Dogecoin continues to rise to $1.25stating that a break or hold above the original price target of $0.6533 will propel DOGE to such heights.
A Final Pullback for DOGE’s Run to $1
Crypto Kaleo proposed in a X-message that Dogecoin could have one last pullback before it goes to $1. He noted that it is still “a little early” for DOGE to have that “face melting pump“based on the previous cycles in relation to the Bitcoin Halving event. However, the analyst added that the pump will eventually happen and called for a little more patience from DOGE investors.
How low Dogecoin could fall, Crypto Kaleo suggested that Dogecoin would experience a pullback similar to the one after the Spot Bitcoin ETFs Launched in January. However, the analyst claimed that such a pullback would not be so “crazy in the grand scheme of things.”
Interestingly enough, Crypto Kaleo predicted that Dogecoin could drop as low as $0.08 before reaching $1. However, some of his followers disagreed, to argue that this is unlikely to happen as $0.08 was a bear market low for the meme coin and the market is still in a bull market.
Main image created with Dall.E, chart from Tradingview.com