Despite a downturn earlier in the week, Dogecoin has returned to the $0.13 level with a Golden Cross forming on the DOGE chart. Now, all eyes are on how high the leading meme coin could surge in the coming weeks as market sentiment turns positive once again.
In the last 24 hours, the token has increased more than 2%, according to CoinMarketCap. That extends its gains over the last 30 days, where it has increased almost 13% to its current position. The potential golden cross pattern does suggest that a massive surge could be in the works.
Also Read: Dogecoin: AI Forecasts Price For July 31, 2024
Golden Cross to Propell Dogecoin, but How High?
In a recent post to X (formerly Twitter), crypto analyst known as simply Kevin identified what could be a massive pattern for the top meme coin by market cap. Indeed, Dogecoin showed a potential golden cross as the token recently returned above the $0.13 level.
“Dogecoin is 2-3 green weeks away from seeing its first weekly golden cross in 4 years,” the trader said. That would be it’s first since 2021, when the asset skyrocketed in value. The analyst notes that a previous occurrence saw Dogecoin go “parabolic for 6 straight months going up 18,000%.”
Also Read: Dogecoin: July’s 7% Rally has DOGE Targeting $0.25 in 2024
At the last golden cross, DOGE surged from a price of $0.003 to a high of $0.75. That took place in May of that year, with many traders hopeful of a similar outcome to the pattern. If a mirrored 18,000% surge took place today, DOGE would reach a price of more than $23.
Moreover, the market cap of Dogecoin would leap beyond the $3 trillion mark. However, that stark of an increase is improbable. However, it does not limit the reality that DOGE could be in line for a notable surge.
The crypto market is far different than it was in 2021. Yet, its current state could see the meme coin continue to increase around the $0.15 level in the coming weeks. That is especially true if the sentiment can remain high for the asset class.
Credit: Source link
