The largest memecoin, Dogecoin (DOGE), has seen a significant increase in recent days, although it is still far from its 2021 ATH.
A formation not seen for a long time was seen in DOGE, which has increased by 20 percent in the last 7 days.
Market analyst Omkar Godbole said in his analysis that a golden cross has formed in DOGE, indicating a major price increase in the coming period.
What is Golden Cross?
This situation, known as the ‘Golden Cross’ and its Turkish name is known as the golden intersection, is seen as a bullish signal in all markets.
A golden cross typically occurs when the 50-day moving average (MA 50) crosses over the 200-day moving average (MA 200). This crossover indicates that the short-term momentum is now outperforming the longer-term trend and has the potential to develop into a major bull run.
What to Expect from the DOGE Price?
While the Golden Cross is often seen as a positive indicator for price in the market, it has a mixed history. However, the analyst noted that many of Dogecoin’s previous major moves occurred after the Golden Cross appeared.
Pointing to 2024, the analyst noted that the price of Dogecoin increased by over 130% in four weeks following the appearance of the golden cross on November 6, 2024. Referring to 2023, the analyst also noted that a similar situation occurred in November 2023, with the price rising by 25% in about a month after the golden cross.
Finally, the analyst noted that a similar golden cross occurred in early November 2020, marking the start of a massive four-month bull run that saw prices rise by over 1,000% in four months.
DOGE, which has increased by 7.6% in the last 24 hours, continues to be traded at $0.243 at the time of writing.
*This is not investment advice.
