Dogecoin price signals another golden gross on the 4-hour chart, here is the next target

The Dogecoin price is once again is showing signs of a strong upward trend. Notably, a golden cross has appeared on Dogecoin’s 4-hour price chart, which could lead to a continuation of the bullish momentum in the coming weeks. The appearance of this golden cross suggests that buyers are now in control and the meme coin could well be on track to repeat its early November rally.

Golden cross on the Dogecoin price chart

In technical analysis, a golden cross is a pattern in which a short-term moving average crosses a long-term moving average. This golden cross was highlighted for Dogecoin price by crypto analyst Trader Tardigrade, known for his technical insights on social platform X. According to the analyst, this golden cross was observed below the zero line in the Moving Average Convergence Divergence (MACD) indicator.

When this occurs in the MACD below the zero line, it indicates a reversal from bearish to bullish sentiment and sets the stage for an upward price movement. According to the 4-hour Dogecoin price chart shared by trader Tardigrade on social media platform X, this is not the first appearance of such a golden cross in recent weeks. Dogecoin, in particular, had a similar golden MACD cross in the first week of November. At this point, Dogecoin price was trading around the $0.15 mark on November 4th. After this golden cross a bull run was initiatedwhich led to a strong rally that first peaked at $0.426 on November 12th. This represents a price increase of approximately 184% in eight days.

The historic performance following the Golden Cross in November has led to heightened anticipation of what could unfold this time around. If Dogecoin’s price followed a similar trajectory, it could potentially achieve one dramatic rally in the coming days. Based on the predictions shared by trader Tardigrade and the price patterns observed in November, this rally could push Dogecoin toward a $1 price target by December 7th.

Key Levels to Watch on Dogecoin’s Path to $1

As Dogecoin is preparing for this expected rally, In order to reach certain resistance levels, these must be overcome the ambitious $1 goal. Immediate resistance lies at $0.43 and then the current 2024 high at $0.4759. A break above this level would see the Dogecoin price trade at its new high in three years.

From there, continued momentum and buying pressure could push Dogecoin towards $0.50 and the current all-time high of $0.7316 before targeting the $1 level. On the other hand, the support levels at $0.37 and $0.35 will be crucial to maintain the bullish sentiment in particular if the golden cross does not come about in the planned rally.

At the time of writing, Dogecoin price is at $0.404, up 9.8% from its November 26 low of $0.3679.

Featured image created with Dall.E, chart from Tradingview.com