MEME CRYPTOCURRENCIES can soon warm up as their leader, Dogecoin
has formed a golden cross that suggested a larger price increase in front.
A golden cross occurs when the 50-day simple sliding average (SMA) of an asset price moves over the 200-day SMA. Crossover indicates that the short -term momentum is now transcending the longer course with the potential to develop into a larger bull race.
Dogecoin’s average crossed early today. While Golden Cross is seen as a positive indicator, it has a mixed record to predict trends in most markets, including stocks, Bitcoin and DOGE. It makes it unreliable as an independent indicator.
That said, most of Dog’s previously great movements unfolded with the appearance of Golden Cross. For example, prices rose over 130% to 46 cents in four weeks after the occurrence of the Golden Cross on November 6, 2024. Prices rose 25% in four weeks after average crossed Bullish on November 22, 2023.
Similarly, a golden cross happened in early November 2020, marking the beginning of a larger four-month bull driving, which saw prices collect over 1,000% in four months.
Let’s see if the story repeats itself.
Read more: Sharp 7% Drop Sends DOGE Against 22 Cent support on sales with high volume
