Dogecoin price is again showing signs of a strong uptrend. Notably, a golden cross appeared on the Dogecoin 4-hour price chart, giving rise to what could be continued bullish momentum in the coming weeks. The emergence of this golden cross suggests that buyers are now in control, and the meme coin may well be poised to repeat its rally from early November.
Golden Cross on Dogecoin Price Chart
In technical analysis, a golden cross is a pattern in which a short-term moving average exceeds a long-term moving average. This golden cross was highlighted for Dogecoin price by crypto analyst Trader Tardigrade, known for his technical knowledge on the social platform below the zero line.
When this occurs in the MACD below the zero line, it indicates a reversal from bearish to bullish sentiment, paving the way for upward price action. According to the 4-hour Dogecoin price chart that Trader Tardigrade shared on social media platform X, this is not the first occurrence of such a golden cross in recent weeks. Notably, Dogecoin had a similar MACD golden crossover during the first week of November. At that time, the price of Dogecoin was trading around the $0.15 mark on November 4. Following this golden cross, a bull race was inauguratedleading to a strong rally that first peaked at $0.426 on November 12. This translates to a price increase of approximately 184% in eight days.
The historic performance following November’s Golden Cross has led to heightened anticipation of what could unfold this time around. If the price of Dogecoin were to follow a similar trajectory, it could potentially reach a spectacular rebound in the coming days. Based on the projections shared by Trader Tardigrade and the price trends seen in November, this rally could push Dogecoin towards a target price of $1 by December 7.
Key Levels to Watch on Dogecoin’s Path to $1
Like Dogecoin prepares for this expected rally, certain resistance levels must be crossed to reach the ambitious goal of $1. Immediate resistance lies at $0.43, then at the current 2024 high of $0.4759. Breaking above this level would see the price of Dogecoin trading at its new highest levels in three years.
From here, sustained momentum and buying pressure could lead Dogecoin towards $0.50 and the current all-time high of $0.7316 before hitting the $1 mark. On the downside, support levels at $0.37 and $0.35 will be key to maintaining bullish sentiment, especially if the golden cross does not materialize in the planned rally.
At the time of writing, Dogecoin price is trading at $0.404, up 9.8% from the November 26 low of $0.3679.
Featured image created with Dall.E, chart from Tradingview.com