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Market News Price of Dogecoin: Prospects for a Golden Cross Formation Generate Interest

Price of Dogecoin: Prospects for a Golden Cross Formation Generate Interest

Traders are cautiously optimistic as Dogecoin's 50-week SMA approaches a potential golden cross with the 200-week SMA, which would indicate a favorable trend that the cryptocurrency market is closely observing.

TOP1 Markets Analyst

2024-05-13

8747

The cryptocurrency market is diligently observing a potential significant technical configuration for the price of Dogecoin, as reported by U.Today: a crossing of the moving average on its weekly chart. Whether this crossover constitutes a death cross, bearish signal, or golden cross will depend on its characteristics. When a shorter-term moving average, typically the 50-day moving average, crosses above a longer-term moving average, such as the 200-day moving average, a golden cross occurs. This auspicious indication is frequently interpreted as a robust indication of prospective price increases and upward momentum.

The 50-week SMA for Dogecoin is exhibiting an ascending trend and appears probable to surpass the 200-week SMA in the coming weeks, potentially leading to the formation of a golden cross. Traders are expecting to see a golden cross, but in order to verify this, they must observe the characteristics of the crossing. In pursuit of this possible crossover, Dogecoin has endured a succession of highs and lows. Following a consistent decline from its peak of approximately $0.168 on May 6, the dog-themed cryptocurrency has exhibited fortitude by locating support at $0.142. As of this writing, Dogecoin was trading at $0.144, a decrease of 4.68% over the previous twenty-four hours, due to selling pressure on the cryptocurrency market.

Early January 2021 marked the last time Dogecoin encountered a weekly golden cross, which precipitated a remarkable 7,996% price increase over the subsequent four months. Later, on May 8, 2021, Dogecoin attained an all-time peak of $0.737. Although past performance does not guarantee future results, the DOGE community is undoubtedly intrigued by the possibility of another golden cross. The golden cross is a signal that traders should closely monitor, as it may portend the beginning of a new uptrend. Nevertheless, it is imperative to exercise prudence when utilizing these indicators, as they may occasionally generate erroneous signals that ensnare traders on the incorrect side of the market.