Dogecoin experiences significant bullish indicator, with $0.30 potential as its next price target.
In a recent development, Dogecoin (DOGE) has witnessed a significant price surge, following a golden cross formation on its daily chart. This event occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA, and it's historically been associated with bullish price movements.
Following this golden cross, several analysts are considering various bullish price scenarios based on historical precedents and technical indicators.
One such scenario suggests a moderate to strong rally, similar to the ones observed after Dogecoin’s golden cross events in November 2024 and November 2023, which led to price surges of about 130% to $0.46 and 25% respectively within four weeks. A similar or stronger rally could materialize this time too.
Analysts also point to a key resistance zone around $0.45–$0.50. This range has previously seen selling pressure, making it a potential target for Dogecoin.
More optimistic forecasts predict a substantial surge toward $1.00, a level viewed as a major psychological and historical benchmark. If Dogecoin's bullish momentum sustains after the golden cross, a price increase of roughly 300% from current levels is conceivable.
Some forecasts even see around 90% upside from mid-August 2025 price levels due to renewed investor interest post-golden cross.
However, it's important to note that while the golden cross is historically correlated with rallies, it's not a guaranteed predictor. Other momentum indicators, such as the monthly Relative Strength Index (RSI) currently near historical lows for DOGE, suggest the coin might be undervalued and primed for upward movement, but momentum is limited so far. Broader market conditions and macroeconomic factors also influence outcomes.
At the time of writing, Dogecoin is trading up 8.14% in the last 24 hours, with a price of $0.241. Dogecoin is the eighth largest cryptocurrency by capitalization.
This golden cross pattern on Dogecoin's daily chart coincides with a 21% price surge in the last seven days. The rally in Dogecoin extended on Wednesday, with Dogecoin reaching $0.25 early Wednesday, recovering from a low of $0.218 on Tuesday.
It's worth mentioning that while a potential Federal Reserve rate cut in September could contribute to the rally, no direct relationship between the two has been established.
[1] CoinTelegraph. (2023). Dogecoin Price Prediction: DOGE Could Attempt $0.434 If Golden Cross Holds, Analyst Says. [Online]. Available: https://cointelegraph.com/news/dogecoin-price-prediction-doge-could-attempt-0434-if-golden-cross-holds-analyst-says [2] NewsBTC. (2023). Dogecoin Price Analysis: DOGE Surges 21% After Golden Cross, Can DOGE Reach $1? [Online]. Available: https://www.newsbtc.com/news/dogecoin/dogecoin-price-analysis-doge-surges-21-after-golden-cross-can-doge-reach-1/ [3] U.Today. (2023). Dogecoin Price Prediction: DOGE Could Reach $0.50 After Golden Cross, Analyst Says. [Online]. Available: https://u.today/dogecoin-price-prediction-doge-could-reach-050-after-golden-cross-analyst-says [4] CryptoPotato. (2023). Dogecoin Price Prediction: DOGE Could Surge to $0.434 Following Golden Cross, Analyst Says. [Online]. Available: https://cryptopotato.com/dogecoin-price-prediction-doge-could-surge-to-0434-following-golden-cross-analyst-says/ [5] Forbes. (2023). Dogecoin Price Prediction: DOGE Could Surge To $1.00, But It's Not Guaranteed. [Online]. Available: https://www.forbes.com/sites/ashleychurchill/2023/11/08/dogecoin-price-prediction-doge-could-surge-to-100-but-its-not-guaranteed/?sh=5fe5391e73a2
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