Crypto News – The Rising Trend: Dogecoin Golden Cross and Its Impact on Traders
Crypto News – In the event that the market correctly interprets the crypto signals, Dogecoin (DOGE) might be ready to reward traders and long-term holders. The original meme coin is approaching what traders refer to as a “golden cross.”
Dogecoin‘s price has decreased today, falling 4.73% to $0.144. In the last seven days, DOGE has decreased by 5.11%. The spot price of the token is currently increasing beyond its 50-week simple moving average (SMA), and if this trend continues, it may surpass the 200-week SMA in the upcoming weeks. A golden cross would be formed by that intersection, something Dogecoin hasn’t seen since early 2021. And it was right before DOGE launched its incredible ascent, reaching its all-time high of more than $0.73 per coin in just four months.
How did DOGE Come to the Brink of Another Golden Cross?
When Dogecoin’s price broke over its 200-week SMA in March and surged by more than 70% in a single week, it was the first encouraging indication for the cryptocurrency. As previously said, if the imminent golden cross materializes, it will be the first in more than three years.
The coin experienced a price increase of about 8,000% from its initial price of $0.0096 to its highest point of over $0.73 in May of the same year, following the previous golden cross that occurred in January 2021. However, the months that followed saw a 90% drop in that enormous spike.
FAQ
Can Dogecoin Go to Survive?
Analysts at CoinMarketCap predict that Dogecoin will continue to be a significant participant in the cryptocurrency space for many years to come and that by 2050, its price may be as high as $4,423.
What is the First Meme Coin?
Software programmers Jackson Palmer and Billy Markus came up with Dogecoin as a joke, mocking the irrational speculation that was going on at the time about cryptocurrencies. In particular, it is regarded as the first dog coin as well as the first meme coin.
What does the Golden Cross Mean in Crypto?
When a short-duration moving average (MA) passes above a long-term MA, a picture known as a golden cross appears on the price chart of a cryptocurrency. MAs are trendlines that display the median market price of a cryptocurrency asset over a given period of time in technical analysis.
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