Dogecoin Price: Will Golden Cross To Trigger A Pump To $1 Soon?

A “Golden Cross” pattern indicated by 50-day moving average crossing above 200-day moving average, suggested a potentially bullish turn for Dogecoin price.

Historically, this has been a precursor to significant price increases in various assets.

DOGE’s most recent crossover occurred when the price surged past $0.27, highlighting an uptrend.

This pattern often attracts attention from both retail and institutional investors, potentially increasing buying pressure and, consequently, the price.

However, it’s crucial to consider that while the Golden Cross can indicate a bullish phase, it is not infallible.

DOGE/USD 2-week chart | Source: Trader Tardigrade/X

Market dynamics, such as investor sentiment, external economic factors, and crypto market volatility, play substantial roles in determining actual price movements.

If this pattern follows historical trends, Dogecoin price could see an upswing towards higher resistances, such as the previous highs around $0.35 which if broken could spark move towards $1.

Conversely, failure to maintain the momentum or adverse market conditions could negate the bullish signal, leading to price stabilization or potential declines.

Dogecoin Price History Echoes its Current Rhythm

Furthermore, the cyclic pattern on Dogecoin chart indicated a recurring trend where after a period of accumulation, DOGE saw a substantial surge in value.

This pattern has been notably consistent, with significant rallies following the formation of what appears to be a ‘cup’ shape, as seen in the periods leading up to 2018 and 2021.

The recent trajectory suggested that Dogecoin price might be entering another bullish cycle, as indicated by the upward curve beginning in late 2023.

This pattern is mirrored in its past behavior leading to notable rallies. For instance, following the formation in early 2021, Dogecoin’s price escalated, peaking at around $0.74.

DOGE/USD 2-week chart | Source: Trader Tardigrade/X

Currently, DOGE is showing signs of another potential rally. If this cycle follows the rhythm of previous ones, it could witness another rally, potentially targeting previous highs or new levels.

However, it’s essential to acknowledge that a deviation from this cycle could result in stagnation or decline contrary to the bullish expectation.

If the current support around $0.027 holds and the cycle completes as before, we could see DOGE climb towards and possibly exceed its previous peak. Conversely, failure to follow through on this pattern could lead to price correction.

DOGE Liquidity Levels

Lastly, DOGE liquidation map on Gate.io shows significant activity around key price points, revealing both long and short liquidations over various leverage amounts.

As of press time, Dogecoin price was around $0.2543. The prominent surge in short liquidations as the price approached this value, suggested that many traders were betting on a price decline that didn’t materialize.

DOGE/USDT liquidation map | Source: Coinglass

Also there’s cumulative long liquidation leverage around $0.225 to $0.250 where peaks of liquidation were around $0.2336 with liquidations exceeding $4 Million and a total liquidation leverage touching nearly 300 Million in volume.

This suggested that $0.2336 could act as a critical support level, where buying pressure might stabilize price drops.

Conversely, higher up the scale, around $0.2621, over $3 million in liquidations were triggered, indicating potential resistance if the price attempts to ascend.