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Dogecoin Golden Cross Appears as Price Probes Key Fibonacci Hurdle
Trump's return to the White House has powered DOGE higher by 15%.
Updated Nov 6, 2024, 10:48 a.m. Published Nov 6, 2024, 10:48 a.m.
- DOGE's key price averages confirm a golden cross in a sign of strong bullish momentum.
- The joke token faces immediate resistance at 21.7 cents, a level that capped gains in March.
Donald Trump's return to the White House has brought cheer to the crypto market, leading to a dogecoin golden cross, a bullish technical pattern suggesting a continued move higher in the meme cryptocurrency.
The golden cross occurs when the 50-day simple moving average (SMA) of an asset's price crosses above the 200-day SMA. It's a sign the asset's short-term price momentum is outperforming the long-term trend, potentially evolving into a major bull run.
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DOGE's 50-day and 200-day SMAs confirmed the golden cross early Wednesday, as prices jumped over 15% to resistance at 21.7 cents, a level identified as the 23.6% Fibonacci retracement of the brutal 13-month bear market that ran out of course in June 2022.
The prevalence of the golden cross suggests momentum is probably strong enough to convincingly top the widely-tracked Fibonacci retracement level that capped gains in March and sent prices back to 8 cents by August.
Short-term traders watch the 23.6% retracement level for early signs of trend reversal or strength. Thus, a convincing breakout above 21.7 cents could bring more buyers and shift focus to the October 2021 high of 35 cents.
On the flip side, failing to establish a foothold above that level would weaken the bullish case, potentially yielding a price drop to the 200-day SMA support at 12.75 cents.
At press time, DOGE changed hands at 19.7 cents on Binance, according to charting platform TradingView.
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