Dogecoin is surprising investors by embracing a new cross-formation on its price chart. Referred to as a notable formation for crypto tokens, this golden cross may stabilize Dogecoin’s mellow price pace to a new level, helping the token claim a new price ATH, which the token is in dire need of.
Also Read: Ripple: XRP Surges, Beats Bitcoin, Ethereum, And SOL On Major Exchanges
Dogecoin Golden Cross Formation: What’s Happening
Dogecoin’s slow price pace has been the talk of the crypto town as of late. The token is currently trading at a price level of $0.1238, down 5% in the last 24 hours. The bullish crypto season had also proven quite mellow for Doge, another noteworthy development that the market noticed concerning Doge.
However, new developments are now sweeping over the market, as pointed out by a notable analyst, Kevin Capital. Per the analyst, Dogecoin is gradually inching towards claiming its first golden cross formation in four years. The expert shared how the token is two or three green weeks away from claiming its first golden cross, which the token had earlier claimed in 2021.
The 2021 price movement of Doge is dubbed historic in many ways. The expert was quick to point out how Dogecoin’s 2021 Golden Cross formation had gone parabolic in terms of its pricing.
Also Read: Ethereum ETFs Approved: Here’s How High ETH May Trade This August
He later outlined how Dogecoin has once again started to explore a cross-formulation. This is indicative of the token claiming a massive price surge, similar to the 1800% rally that the token noted in 2021.
“Dogecoin is 2-3 green weeks away from seeing its first weekly golden cross in 4 years. The last time this occurred, #DOGE went parabolic for 6 straight months, going up 18,000%. #Altcoins #Crypto.”
Kevin’s post was well received within the X circuit. The online crypto enthusiasts and investors were quick to comment on the post, adding how “stoked” they are to witness Doge’s impending price rally.
Elon Musk Shares A Post Uploaded By Doge Founder Shibetoshi Nakamoto
Elon Musk has once again portrayed how he is indeed keeping an eye on Dogecoin, despite its lethargic price pace. Musk recently took to Twitter to share a bunch of his comments on the latest US political and electoral developments. His posts were largely indicative of how the US dollar devaluation was happening at a rapid pace with the US bankruptcy crisis looming over.
Also Read: Cryptocurrency: 3 Coins To Buy If You Like Being Wealthy
To prove his point, Musk shared a post uploaded by Shibetoshi Nakamoto, the founder of Doge. The post outlined the US bankruptcy narrative that the nation is currently sitting in.
In response to this, several X users were quick to point out how the government should turn to crypto for answers.
Credit: Source link
