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A recent analysis from a well-known Dogecoin (DOGE) enthusiast and technical analyst suggests that DOGE could be on the verge of a stunning price, as he pointed out that the meme coin is just a few weeks away from completing its first “golden cross” in over four years – a technical indicator often associated with upward momentum.
A golden cross happens when an asset’s short-term moving average crosses above its long-term moving average, which usually means a bullish trend is starting. The last time this pattern occurred on Dogecoin was in early January 2021.
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Over the next few months, DOGE’s price shot up by over 8,000%, reaching an all-time high of $0.76.
Right now, Dogecoin is trading at $0.10 with a market cap of $14.67 billion. The technical outlook suggests that the price could reach as high as $0.93, $2.27 or even $3.80, depending on market conditions and the broader economic liquidity cycle.
If DOGE reaches the lower end of this range, its market cap would be up to $135.78 billion. But it is not clear if these price jumps are actually going to happen, given what is going on in the market right now.
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Some people might say that these price predictions are based on too much optimism. It is also worth mentioning that past performance is not a guarantee of future results. Moving average crossovers can sometimes lead traders astray, especially on such chaotic markets like that of crypto.
