The Dogecoin price has surged above $0.4 for the first time in over three years, reaching levels not seen since the 2021 bull market. The meme coin has seen a 55% increase in the past 24 hours, signaling a bullish sentiment among investors. Analysts are now forecasting that Dogecoin may be ready to set a new all-time high.
One crypto analyst highlighted a bullish indicator known as the “golden cross” on Dogecoin’s weekly chart. This occurs when the 50-moving average crosses above the 200-moving average, signaling significant upward momentum. The last time this pattern emerged for Dogecoin was in late 2020, just before the coin’s highest rally to date.
The analyst pointed out that the last golden cross on Dogecoin’s weekly chart preceded its 2021 rally, during which the coin surged from under $0.004 to over $0.73. Based on this pattern, the analyst suggested that Dogecoin could rally towards $2 to $4 in this cycle, with potential resistance at the 1.618 Fib level around $2.4464.
Currently trading at $0.4278, Dogecoin is only 70% away from its all-time high. With a 156% increase in the past seven days, a continued rally towards the all-time high is likely. If Dogecoin were to reach $2 or $4, it would represent returns of 370% and 835%, respectively, from the current price.
Overall, the recent surge in Dogecoin’s price, coupled with the golden cross indicator on the weekly chart, has sparked optimism among investors and analysts. The potential for a new all-time high and a rally towards $2 to $4 in this cycle has positioned Dogecoin as a coin to watch in the coming days.
