The Dogecoin chart has shown another golden cross and this time, as in other times, it is expected that the price of the asset would rally.
A close look at the chart of the DOGE/USDT price shows that the 50-day moving average crosses below the 200-day moving average.
The market is already showing a bullish trend with the price of DOGE at $0.1601, a gain of 2.09%. Even with the modest gain, we should expect higher values if there is no remarkable bearish trend in the market.
A golden cross is a bullish breakout pattern that is accompanied by a remarkable upward price movement. As seen from the events of last year, the DOGE token rose remarkably and has largely maintained a bullish pattern.
Last year’s golden crosses were accompanied by bullish movements in the price of DOGE, supporting the rally of 2021. The price of the cryptocurrency rose by 63% and 44% respectively in August and October respectively after the two golden cross events.
THE IMPLICATION OF A GOLDEN CROSS is that a rally is around the horizon and this should be expected with the price of dogecoin. This is usually accompanied by high volumes of trade. This factor is yet to become apparent with the volume of dogecoin so this is one of the indicators that we should be keeping a close eye on. With an RSI of 56, the market is still mildly bullish.