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Dogecoin could be gearing up for another major surge in price as the meme coin’s chart shows the formation of a major pattern. The Golden Cross pattern is a major bullish formation on a chart that usually precedes a notable rally for digital assets such as DOGE. Currently, the Dogecoin price is forming its first golden cross in four years, making this an important development for the meme coin’s price.
Dogecoin Analyst Points out Golden Cross
Dogecoin analyst Kevin Capital on X (formerly Twitter) has highlighted an important formation on the Dogecoin chart. According to the crypto analyst, the movement of the DOGE price over the last few months has been pushing it toward the formation of a Golden Cross.
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Now, a Golden Cross pattern is usually formed when a short-term moving average such as the 50-day moving average and a long-term moving average such as the 200-day moving average crosses. It usually happens that the short-term moving average crosses the long-term moving average from below.
Presently, the short-term MA and the long-term MA are yet to cross, but the Golden Cross formation looks to be in the works. In the post, Kevin explains that the Golden Cross formation may happen in the next few weeks. Once this happens, it could signal the start of a bullish recovery, and according to Kevin, it would be the first Golden Cross in four years.
DOGE Price Could Touch $3.8
The completion of the Golden Cross pattern could be the catalyst that sets the Dogecoin price on a path to a new all-time high. The first target for the Dogecoin price with this formation is $0.93. This would be an almost 1,000% increase from the current level, just around $0.1.
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It doesn’t end there, however, as the crypto analyst believes that there is a possibility that the Dogecoin price will go higher than this. In what he calls a “Huge out performance,” he says that the DOGE price could cross $2.2 if this happens. This would be an over 2,000% increase.
The third and final target for the Dogecoin price with the Golden Cross formation is $3.8. The analyst explains, though, that it would take an “astronomical performance” for this to happen. Nevertheless, this would mean an over 3,700% increase from here.
However, the crypto analyst explains that the Dogecoin price reaching these levels depends on “how this economic liquidity cycle pans out.” The current Dogecoin all-time high is $0.73, which means an 800% increase from here will solidify a new high.
Featured image created with Dall.E, chart from Tradingview.com
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