Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over
April 15 2024 - 7:00PM
NEWSBTC
A crypto analyst known as Yomi has noted that the Dogecoin recent
price action could turn bullish after this week. According to Yomi,
DOGE is on the verge of creating a golden cross on its price chart,
an event that could indicate the continuation of a major bull run.
He noted the need for a green candle this week in order to start a
new rally, which could be tough considering recent on-chain metrics
and market fundamentals. Dogecoin Flashing Weekly Golden
Cross The weekly chart for Dogecoin is flashing a golden cross, a
bullish signal that occurs when the 50-week moving average crosses
above the 200-week moving average. According to a weekly price
chart shared by Yomi, this weekly cross looked almost completed
just two weeks ago, as a price surge for DOGE in the past two
months saw the short-term moving average approaching the longer
one. Related Reading: Will The Halving Send Bitcoin Price To
$100,000? Analytics Platform Reveals What You Should Expect
However, trader sentiment around DOGE has turned bearish since the
beginning of April as the bulls struggled to push the crypto past
the $0.22 mark, allowing it to form a price resistance level.
Consequently, DOGE has gone on to form two weeks of bearish
candles, which has derailed the completion of a golden cross.
Update on #Dogecoin pending weekly Golden Cross. We are still
multiple weeks of upward price action away from achieving this bull
market milestone. 2 red weeks in a row have cause us to deviate
slightly also. Need green soon to get back on track! #DOGE
#Altcoins pic.twitter.com/QfdFSR24Uc — Yomi (@OG_Yomi) April 15,
2024 Yomi observed that the formation of this bullish indicator has
been pushed forward to multiple weeks of upward price movement.
Furthermore, Yomi said all that’s needed is for DOGE to close
higher than its open price this week and form a green candle to
confirm the breakout and get back on track to a golden cross.
DOGE To Turn Bullish? Dogecoin dropped by an astounding margin last
week to spearhead the crash in the majority of meme coins.
Interestingly, the crypto fell to as low as $0.13 in the middle of
the week, representing a 33% decline from its opening price at the
start of the week. During the price fall, crypto whale transaction
tracker Whale Alerts noted the transfer of 600 million DOGE tokens
worth $92.3 million from a private wallet into Binance, hinting at
a potential sell-off from a DOGE whale. Related Reading: Bitcoin
ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To
$61,000 However, all is not lost as Dogecoin price action has been
showing green in the past day. At the time of writing, DOGE is
trading at $0.1669, up by 5% in the past 24 hours. If DOGE can
close substantially above its weekly open of $0.1624, that would
confirm the continuation of the journey to a golden cross and
likely kick off a new uptrend. Yomi noted in another post on
social media that Doge will continue to tease a bullish price
action in the longer term as long as it stays above $0.12 this
week. DOGE price at $0.164 | Source: DOGEUSDT on
Tradingview.com Featured image from U Today, chart from
Tradingview.com
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024