Dogecoin's "Golden Cross" Pattern, Historically Followed by Significant Rallies, Has Reappeared on the Weekly Chart, Suggesting Potential Gains

Dogecoin, the iconic meme coin, is again captivating crypto traders as it forms a promising technical pattern known as a "Golden Cross."

Dogecoin price analysis reveals a bullish trend with the formation of a Golden Cross on the weekly chart, indicating potential for significant gains.

Closely followed by crypto traders, Dogecoin (CRYPTO: DOGE) is again in the spotlight as it forms a promising technical pattern. This development has sparked attention due to past Golden Crosses yielding as large as 3,000% and 12,000%.

Dogecoin price surged 24% today, fueled by news of Elon Musk's appearance at a Trump rally in Pennsylvania. This occurrence hints at a potential alliance between Musk and Trump, increasing the possibility that Musk could secure a role in the upcoming administration. For Dogecoin, this connection is critical.

Musk has been a major supporter of DOGE, previously changing his platform's logo to a Shiba Inu. Speculation is also growing that he could head a new Department of Global Efficiency, which could keep Dogecoin in the spotlight and potentially drive more interest.

Dogecoin price analysis: Bullish technicals, key resistance ahead

Dogecoin's price action is surging, with the meme coin up 24% today alone, 84% in the past week, and 162% over the past 30 days, with 94% of its holders now in profit. This rapid surge is closely linked to Dogecoin's performance and upcoming developments.

However, it's crucial to note that the broader market trends and macroeconomic factors could impact Dogecoin's price direction.

After surging past the 50-day moving average (SMA), Dogecoin's price faces resistance at the 200-day SMA, which currently stands around the $0.122 level.

Closing above this key resistance level would be a bullish sign for Dogecoin, potentially opening the door for further gains.

However, if the price fails to hold above the 200-day SMA, it could lead to a pullback in Dogecoin's price.

Traders will be closely watching to see if the Golden Cross is followed by a substantial upswing in Dogecoin's price.