The Dogecoin price is once again making headlines as it shows signs of a strong bullish run, with a golden cross emerging on the Dogecoin 4-hour price chart. This golden cross indicates that buyers are now in control, potentially leading to a continuation of bullish momentum in the coming weeks.
A golden cross is a technical analysis pattern where a short-term moving average crosses above a long-term moving average. This particular golden cross was identified by crypto analyst Trader Tardigrade, known for his technical insights on social platform X. The cross was observed in the Moving Average Convergence Divergence (MACD) indicator below the zero line, signaling a shift from bearish to bullish sentiment.
Trader Tardigrade shared a 4-hour Dogecoin price chart on social media platform X, revealing that this isn’t the first time such a golden cross has occurred in recent weeks. In early November, a similar golden cross led to a significant rally that saw the Dogecoin price peak at $0.426, marking a 184% increase in just eight days.
The historical performance following the November golden cross has sparked anticipation for what might unfold this time. Trader Tardigrade and other analysts project that Dogecoin could potentially reach a target price of $1 by December 7 if it follows a similar trajectory.
As Dogecoin gears up for this anticipated rally, it will need to overcome key resistance levels at $0.43 and $0.4759 before aiming for $0.50 and the current all-time high of $0.7316. Support levels at $0.37 and $0.35 will be crucial in maintaining bullish sentiment if the golden cross fails to materialize into the projected rally.
At the time of writing, the Dogecoin price is trading at $0.404, up 9.8% from a recent low of $0.3679. With the potential for a dramatic rally in the coming days, all eyes are on Dogecoin as it aims for new highs and potentially reaches the coveted $1 mark.