Dogecoin Price Shows Signs Of A Strong Bullish Run, Aims For $1 Target By December 7

The Dogecoin price is once again showing signs of a strong bullish run. Particularly, a golden cross has emerged on the Dogecoin 4-hour price chart

The Dogecoin price is once again displaying signs of a strong bullish run. In particular, a golden cross has emerged on the Dogecoin 4-hour price chart, hinting at the potential continuation of bullish momentum in the coming weeks. This golden cross suggests that buyers are now in control, setting the stage for a possible repeat of Dogecoin's early November rally.

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

When this occurs in the MACD below the zero line, it indicates a reversal from bearish to bullish sentiment, setting the stage for upward price action. According to the 4-hour Dogecoin price chart Trader Tardigrade shared on social media platform X, this isn't the first occurrence of such a golden cross in recent weeks.

Specifically, Dogecoin had a similar MACD golden cross in the first week of November. At this time, the Dogecoin price was trading around the $0.15 mark on November 4. Following this golden cross, a bull run was ushered in, leading to a strong rally that first peaked at $0.426 on November 12. This translates to a price increase of about 184% in eight days.

The historical performance following the November golden cross has led to heightened anticipation for what might unfold this time. If Dogecoin's price were to follow a similar trajectory, it could potentially achieve a dramatic rally in the coming days. Based on projections shared by Trader Tardigade and the price patterns seen in November, this rally could push Dogecoin toward a target price of $1 by December 7.

As Dogecoin gears up for this anticipated rally, certain resistance levels must be cleared to achieve the ambitious $1 target. The immediate resistance sits at $0.43, and then the current 2024 high of $0.4759. Breaking above this level would see the Dogecoin price trading at its new highest levels in three years.

From there, sustained momentum and buying pressure could drive Dogecoin toward $0.50 and the current all-time high of $0.7316 before eyeing the $1 mark. On the downside, support levels at $0.37 and $0.35 will be critical to maintaining bullish sentiment, especially if the golden cross fails to materialize into the projected rally.

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