Dogecoin rose by 150% last week and passed $0.40 that has sparked a lot of excitement in the Dogecoin community as a “Golden Cross” appeared on the Dogecoin chart.
Related: Dogecoin (DOGE) Price Prediction 2024-2030: Will DOGE Price Hit $1 Soon
This technical pattern often happens before massive DOGE rallies, which increased the bullish sentiment. Analysts predict that if Dogecoin closes this week above $0.18, it may follow a parabolic trend. In the past, Dogecoin grew significantly after similar signals.
https://twitter.com/MikybullCrypto/status/1856197020995748347
In the last 24 hours, the popular meme coin rose by 40%. Dogecoin often grew rapidly after Golden Cross formations. For example, in the first cycle, Dogecoin grew by over 8,373%, and in the second cycle, Dogecoin grew by 18,376%.
Related: Mid-Cap Meme Coins Poised for Growth as DOGE Rallies
As the chart shows, the recent Golden Cross happened when Dogecoin broke through a key resistance level (which is the yellow line on the chart). Because of this, analysts suggest that another large rally will happen.
Adding to that, the broader market sentiment around Dogecoin is largely bullish, with a crypto whale recently purchasing 200 million DOGE (worth roughly $45 million) and moving it to an unidentified wallet, signaling strong investor confidence.
Social Media’s Impact on Dogecoin
Much of this rally comes from speculation about Elon Musk’s comments about the government. He recently hinted that he would create a “Department of Government Efficiency” (D.O.G.E.), which caused a lot of excitement in the crypto community. Traders believe that Musk will increase mainstream interest in Dogecoin, which will bring in more retail investors.
Overall, traders and investors will be keenly observing Dogecoin’s price action over the next few days. If the token manages to close above the $0.18 level, it could be poised for another parabolic run, echoing previous cycles. Market observers believe that DOGE will grow this time because of increased adoption and technological progress.
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