Dogecoin's Golden Cross Sparks Hype After Meme Coin Doubles Over Last Week: Previous Cycle Saw A 7,000% Rally, Could History Repeat?
Dogecoin (CRYPTO: DOGE) has jumped more than 140% in the last seven days as traders spot a technical pattern that previously preceded a massive price surge in the meme cryptocurrency.
What Happened: A “golden cross” — where the 50-day moving average crosses above the 200-day moving average — has appeared in Dogecoin’s price chart. Cryptocurrency trader Mikybull Crypto highlighted on X (formerly Twitter) that a similar pattern in the last cycle preceded a 7,000% rally.
“The majority here don’t seem to understand the implication of this golden cross that just occurred on $DOGE,” the trader wrote.
The surge coincides with broader cryptocurrency market momentum, as Bitcoin (CRYPTO: BTC) reaches new all-time highs following the 2024 presidential election.
See Also: Bitcoin Blasts Through $88,000 As Market ‘Euphoria,’ Regulatory Optimism Take Hold
Dogecoin’s recent performance echoes its 2021 bull run when the cryptocurrency rose from $0.0047 to record highs, driven by social media attention and endorsements from prominent figures like Tesla Inc CEO Elon Musk and entrepreneur Mark Cuban.
Musk’s influence on Dogecoin remains significant. In 2023, when his company X briefly changed its logo to Dogecoin’s Shiba Inu dog symbol, the cryptocurrency’s price surged. Despite the recent rally, Dogecoin trades well below its May 2021 peak.
The recent price action has reignited interest in the cryptocurrency, which began as a joke in 2013 but has since grown into a significant digital asset with a passionate following and high-profile supporters.
Price Action: Dogecoin is currently trading at $0.4142, marking a substantial 47.44% increase over the past day. Over the past year, Dogecoin has surged an impressive 421.41%, according to data from Benzinga Pro.
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Posted-In: Golden Cross Kaustubh Bagalkote MikybullCryptocurrency News Markets
