Dogecoin's First Weekly Golden Cross In Four Years Is '2-3 Green Weeks Away'

Dogecoin's DOGE/USD rally in recent weeks lead traders to predict bullish price with a possible golden cross pattern as the catalyst.

What Happened: Trader Kevin analyzed that the meme coin is just two to three green weeks away from experiencing its first weekly golden cross in four years. Kevin further noted that the last time such an event occurred, Dogecoin went on a parabolic run for six straight months, soaring by 18,000%.

#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 pic.twitter.com/Ow8JGMPndB

— Kevin (@Kev_Capital_TA) July 24, 2024

A golden cross, a bullish signal in technical analysis, happens when a short-term moving average crosses above a long-term moving average.

Another crypto trader analyzed the Vigor Index (RVGI) on Dogecoin, which measures the strength and direction of price momentum. Dogecoin’s chart indicates a momentum shift from bearish to bullish, with a signal that buying pressure is increasing. The result could be “a potential strong upward move, as buyers are gaining control."

Also Read: Dogecoin Up 15% In 7 Days And One Indicator Shows It May Be ‘Primed For An Aggressive Up Move’

Why It Matters: Based on this analysis, Dogecoin could be on the brink of a significant rally. However, market conditions, investor sentiment and other factors can also influence the price of a cryptocurrency.

CoinGecko data shows Dogecoin's seven-day performance at +7.1%. IntoTheBlock data shows large transaction volume dropped by 42.5%, while daily active addresses fell by 7.5% and exchange netflows decreased by 115.5%. $3.14 million in Dogecoin positions were liquidated in the past 24 hours.

On Tuesday, Shiba Inu marketing lead Lucie predicted an incoming altcoin season.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Is Dogecoin Ready For A ‘Violent Move To The Upside’?

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock