Dogecoin Eyes Potential Golden Cross in November 2024 Amid Bullish Momentum

Dogecoin (DOGE), the popular dog-themed cryptocurrency, is approaching a potential “golden cross,” a bullish technical pattern often seen as a precursor to a price surge. A golden cross occurs when a short-term moving average (typically the 50-day SMA) crosses above a long-term moving average (such as the 200-day SMA), signaling that short-term momentum may be outpacing long-term trends. Dogecoin’s daily chart shows the 50-day SMA turning upward and appearing ready to cross above the 200-day SMA in the coming days.

This golden cross would be the third November in a row that Dogecoin has seen this bullish signal, with similar occurrences in November 2022 and November 2023. In 2023, Dogecoin surged by 22% following the golden cross, while in 2022, DOGE reported losses of 16% despite the signal. November’s unique history for Dogecoin has fueled speculation of a repeat performance in 2024. Analyst Ali predicts that if Dogecoin sustains a close above $0.20, the potential for a parabolic bull run in November increases significantly.

Still, traders are cautious, as the golden cross is a lagging indicator that can sometimes lead to mixed results. Whether this November will bring another rally for Dogecoin remains to be seen, but the market is watching closely for this rare potential third consecutive golden cross.

Source: https://u.today/