Although the majority of the cryptocurrency market seems to be in a bit of a pinch lately, Dogecoin (DOGE) is fighting to overcome the setback by having a successful crossing of its first-ever moving average convergence divergence (MACD) golden cross.
Indeed, as the renowned pseudonymous crypto trading expert Trader Tardigrade observed, the famous dog-themed meme crypto asset “is having the first ever MACD Golden Cross,” according to his chart pattern analysis published in an X post on January 21.
Specifically, a golden cross – the opposite of a death cross – is a chart pattern suggesting a major long-term bull market. At the same time, MACD, a popular technical analysis (TA) momentum indicator, crossing the signal line from under it and going over – i.e., making the golden cross – is reinforcing the buy signal.
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DOGE price analysis
Meanwhile, Dogecoin was at press time changing hands at the price of $0.083, recording a decline of 2.58% in the last 24 hours, as well as an increase of 2.59% across the previous seven days while many other assets in the crypto industry were stalling – but still a drop of 10.5% on its monthly chart, as of January 22.
As it happens, the price increase took place a couple of days after the confirmation of Dogecoin’s listing on Flitpay, a popular Indian crypto exchange, allowing its clients in India to make DOGE withdrawals and deposits with a 1% assured bonus for early entrants, as the platform itself stated on January 18.
Interestingly, the artificial intelligence (AI) tool Google Bard has earlier predicted that the chance of DOGE reaching $1 in the future remains high, particularly against the background of possible catalysts like increased adoption and utility, setting this price goal by 2030, as Finbold reported on January 17.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
