Dogecoin is on a path of remarkable growth following the renewed market upswing due to the United States Presidential election results, surpassing several strong resistance levels and crucial bullish patterns along the way that could further push the dog-themed meme coin into pivotal price areas.
Dogecoin Upward Momentum Fueled By A Textbook Golden Cross
Speculations about Dogecoin’s price performance in the short term have grown strongly among investors and traders. However, Kevin, a market expert and enthusiast has shed light on the meme coin’s near-term price prospects after the completion of a key chart formation.
Following an investigation of DOGE’s recent price action, the crypto analyst highlighted that the asset has completed the Textbook Golden Cross pattern on the weekly time frame, a positive technical indicator that often suggests a potential persistent upward momentum.
Furthermore, the development is being supported by the 50-day Simple Moving Average (SMA) crossing above the 200-day SMA, indicating that higher prices are probably imminent. This development reflects the robustness and resiliency of Dogecoin‘s recent price strength amidst increasing demand and supportive macroeconomic conditions, triggering investors’ confidence.
As Dogecoin continues to approach key levels, market players are paying close attention to its next move with the belief that the meme coin could undergo a significant rally shortly due to the completion of the textbook golden cross pattern. However, Kevin has pointed out the potential of a price correction in the short term, suggesting an impending shift in momentum.
According to the market expert, four years ago, DOGE also completed the bullish textbook golden cross formation. Meanwhile, after the positive development, the meme coin witnessed a dip for a couple of weeks before transitioning to a path that led to new all-time highs, suggesting a possible similar scenario for DOGE in the ongoing cycle.
Given that DOGE could experience a pullback due to past scenarios, Kevin has stressed the importance of investors adopting a cautious approach in the short term. Thus far, the analyst expects the meme coin to move in tandem with the upsurge of Bitcoin, the flagship crypto asset.
DOGE Price Action Looks Promising
DOGE has finally retested the $0.28 level after a remarkable surge over the past week, solidifying its capabilities as the leading meme coin. The meme coin has broken past key levels such as the $0.26 mark, believed to be a strong resistance area that could halt its upward momentum.
With bulls firmly taking control of the market and optimism towards DOGE persists, the asset could experience more growth in the upcoming weeks, possibly hitting the much-anticipated $0.50 level or its current all-time high at $0.73, achieved over 3 years ago. Nonetheless, should bulls fail to maintain DOGE’s upward strength, causing the bears to take control, there could be a slight retracement as predicted by Kevin.
Featured image from Unsplash, chart from Tradingview.com
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