The Dogecoin (DOGE) outlook is currently bullish, as technical indicators suggest that a golden cross is set to appear on the meme coin’s chart. Based on history, such development could mark the beginning of a massive rally for DOGE.
Dogecoin On The Verge Of A Golden Cross
Crypto analyst Kevin (formerly OG Yomi) mentioned in an X (formerly Twitter) post that Dogecoin is two to three green weeks away from seeing its first weekly golden cross in four years. The analyst added that DOGE enjoyed a 6-month price rally and price gain of 18,000% the last time the meme coin saw a weekly golden cross.
A golden cross occurs when the 50-day moving average (MA) rises above the 200-day MA. This technical indicator is considered a bullish signal as it usually indicates a strong bull market. As such, a weekly golden cross for Dogecoin will confirm that an imminent parabolic rally is on the horizon for the foremost meme coin.
Dogecoin has so far failed to show any significant strength in this market cycle even as other foremost mee coins like Pepe (PEPE) continue to hit new highs. However, crypto analysts like Crypto Kaleo have asserted that the “king of memes won’t be left behind” in this bull run and have predicted that DOGE will still have its moment.
Crypto analyst Javon Marks also recently provided a bullish narrative for Dogecoin, stating that the meme coin’s most recent pullback looks more like a shakeout and that DOGE is almost ready for a massive rally to $0.6533. Marks claimed that this price target is well in play as DOGE is holding well above the resisting trend. The analyst added that it is only a matter of time before Dogecoin enjoys this price rally of over 378%.
Interestingly, Marks also raised the possibility of Dogecoin further rising to $1.25, stating that a break or hold above the initial price target of $0.6533 will propel DOGE to such heights.
One Last Pullback Before DOGE’s Run To $1
Crypto Kaleo suggested in an X post that Dogecoin might suffer one last pullback before it runs to $1. He remarked that it is still a “bit early” for DOGE to have that “face-melting pump” based on the previous cycles in relation to the Bitcoin halving event. The analyst, however, added that the pump will eventually happen and called for a bit more patience from DOGE investors.
As to how low Dogecoin could drop, Crypto Kaleo suggested that Dogecoin suffer a retrace similar to the one after the Spot Bitcoin ETFs launched in January. The analyst, however, claimed that such pullback won’t be that “crazy in the big picture.”
Interestingly, Crypto Kaleo predicted that Dogecoin could drop to as low as $0.08 before it reaches $1. However, some of his followers disagreed, arguing that it is unlikely to happen considering that $0.08 was a bear market low for the meme coin and the market is still in a bull cycle.
Featured image created with Dall.E, chart from Tradingview.com
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