Dogecoin could be on the verge of a significant price surge as a key bullish chart pattern, the Golden Cross, begins to form.
This pattern, which occurs when a short-term moving average (such as the 50-day moving average) crosses above a long-term moving average (like the 200-day moving average), is often seen as a strong indicator of a potential rally for digital assets.
Notably, this would mark the first time in four years that Dogecoin (DOGE) is forming a Golden Cross, making it a highly anticipated development for the meme coin.
Dogecoin Analyst Highlights the Golden Cross
Kevin Capital, a well-known Dogecoin analyst, recently pointed out on X (formerly Twitter) that DOGE’s price action over the past few months has been setting up for the Golden Cross formation.
While the 50-day and 200-day moving averages have not yet crossed, he expects the formation to be completed within the next few weeks, potentially signaling the beginning of a bullish recovery for DOGE.
Price Predictions for Dogecoin
Once the Golden Cross is confirmed, Dogecoin could be in line for a substantial rally. According to Kevin Capital, the first price target for DOGE would be $0.93, representing a nearly 1,000% increase from its current value of around $0.10.
Further predictions suggest even more ambitious gains. Kevin believes that if Dogecoin experiences what he calls “huge outperformance,” it could surpass $2.20, marking a 2,000% increase.
In the most optimistic scenario, DOGE could touch $3.80, a remarkable 3,700% surge from its present levels. However, he notes that reaching this level would require an “astronomical performance” and depends heavily on how broader economic conditions evolve.
For now, DOGE’s all-time high stands at $0.73, and achieving an 800% increase from its current price would establish a new record. The next few weeks will be critical for Dogecoin holders watching for the Golden Cross formation to complete and the potential price action that could follow.