Dogecoin (DOGE) has recently experienced significant price growth, although it remains below its 2021 peak. A bullish signal known as a ‘Golden Cross’ has emerged, potentially pointing to an upcoming price surge. This rare market formation was noted in DOGE, with the cryptocurrency gaining 20% within the past seven days.
Market analyst Omkar Godbole points to this Golden Cross as a key indicator of a potential price increase in the near future. This signal arises when the 50-day moving average (MA 50) crosses over the 200-day moving average (MA 200). Such crossovers often suggest short-term momentum exceeding long-term trends, potentially leading to a substantial bull run.
Examining Historical Data:
A similar Golden Cross in DOGE history offers hope for potential price surges. Notably, the past has shown significant price increases following the appearance of this bullish signal. For example, in 2024, a similar pattern led to a massive 130% price jump within four weeks after the Golden Cross.
Further highlighting this trend is a similar incident that took place in 2023.
The recent rise in DOGE price, currently trading at $0.243, suggests a promising potential for future growth based on the historical pattern of this bullish signal.