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Canine-themed cryptocurrency Dogecoin (DOGE) is on the verge of reaching a possible “golden cross,” a chart sample that happens when a short-term shifting common, often the each day SMA 50, crosses above a long-term shifting common such because the each day SMA 200, usually seen as a bullish sign.
As famous on its each day chart, Dogecoin’s 50-day SMA has turned up and seems to be shifting above the 200-day SMA within the subsequent few days, indicating a possible “golden cross.” The sample implies that short-term value momentum is outpacing long-term momentum, which can result in a bull run.
Dogecoin’s final golden cross was recorded in November 2023. Apparently, this was not the primary time Dogecoin skilled this phenomenon in November. The cryptocurrency additionally achieved a golden cross in November 2022, marking two consecutive years when this bullish sign appeared in the identical month.
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From present market indications, it appears doubtless that Dogecoin’s subsequent golden cross would possibly happen in November as soon as once more. If this occurs, it could be the third consecutive November during which Dogecoin has seen a golden cross, a uncommon and noteworthy sample within the cryptocurrency’s buying and selling historical past.
Bullish November?
With earlier golden crosses occurring in November 2022 and November 2023, the potential of a 3rd consecutive golden cross in November 2024 is producing appreciable curiosity.
Crypto analyst Ali predicts a parabolic bull run for Dogecoin in November upon a sustained shut above $0.20.
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Nonetheless, the shifting average-based crossover is usually criticized for being a lagging indicator that may lure merchants on the fallacious facet of the market.
This was the case within the occasion of Dogecoin’s golden cross in November 2022, as DOGE reported losses of 16%. In November 2023, Dogecoin surged 22% over the course of the month, posting optimistic efficiency.
The market will watch carefully within the coming days because the potential for one more golden cross provides to the intrigue and hypothesis surrounding Dogecoin’s value efficiency.
