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The value of the favored meme cryptocurrency Dogecoin (DOGE) soared over 6.3% right now, with a big inexperienced candle now heralding its each day chart. On account of this motion, Dogecoin is now quoted above the $0.168 mark, which is the best value because the finish of October, and if we zoom out from the autumn 2024 interval, it’s the highest value for DOGE since Might.
In whole, because the starting of the week, the worth of DOGE has gained greater than 11%, with solely the subsequent seen resistance round $0.175, which is 4.3% larger than present ranges.
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Curiously, all of that is occurring for Dogecoin because the golden cross is about to kind on its each day value chart. For many who have no idea, the golden cross is a technical evaluation phenomenon that’s mainly a degree of intersection of transferring averages, quick and lengthy.
In our case, the golden cross is forming because the 50-day transferring common is crossing the 200-day transferring common to the upside, which is a textbook instance of a golden cross.
What can DOGE merchants count on?
The final time this occurred to Dogecoin, the worth of the favored meme coin soared over 21% within the following 128 days, from a low of $0.07 in November 2023 to a excessive of $0.23 in March 2024.
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Whether or not that would be the case this time is difficult to foretell, as nothing is about in stone on the crypto market. Nevertheless, the worth historical past of DOGE has seen examples of golden cross rallies, and it’ll at the very least be attention-grabbing to control the worth chart of the favored meme coin.