Dogecoin technical analysis shows golden cross phenomenon: does it indicate that the super bull market is about to explode?

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This news was published on November 22, 2023 Taiwan time
The title is Dogecoin technical analysis shows the golden cross phenomenon: does it indicate that the super bull market is about to explode?

Recently, the Dogecoin (DOGE) market has undergone significant changes, and a technical analysis phenomenon known as the "Golden Cross" has appeared. The so-called "golden cross" refers to when the shorter-term moving average (such as the 50-day moving average) rises and crosses the longer-term moving average (such as the 200-day moving average) in the financial market. Considered the beginning of a long-term bull market. Dogecoin first experienced this phenomenon in 2023, attracting market attention. Whale Alert’s report states that more than 631.3 million Dogecoins were transferred massively in 24 hours. Despite the “Golden Cross” signal on the daily chart, Dogecoin price fell 3.41% in 24 hours to $0.074. At the same time, Dogecoin’s active addresses increased from 48,470 on November 1 to 90,690 on November 20, indicating increased market activity. In addition, Astrobotic plans to send physical Dogecoin to the moon via ULA’s Vulcan Centaur rocket on December 23, which may also have an impact on the market performance of Dogecoin.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. The historical effect of the golden cross phenomenon: The golden cross is formed when the short-term moving average (such as 50 days) crosses the long-term moving average (such as 200 days), which has proven to be a strong signal for the bull market in the past. For example, in the history of other major cryptocurrencies such as Bitcoin and Ethereum, the appearance of a golden cross has often heralded an increase in price. Therefore, Dogecoin’s golden cross in 2023 may be a precursor to future price increases.

2. Correlation between increase in active addresses and market participation: Dogecoin’s active addresses increased from 48,470 on November 1 to 90,690 on November 20. Past cases have shown that when the number of active addresses for a cryptocurrency increases, it usually means higher market participation and user interest. This increase is often associated with rising prices, as seen during Bitcoin’s bull cycles in 2017 and 2020.

3. Public attention and price impact: Astrobotic’s plan to send physical Dogecoin to the moon may arouse media attention and public interest. In the past, similar large events or campaigns have often had a positive impact on cryptocurrency prices. For example, Tesla CEO Elon Musk’s numerous mentions of Dogecoin caused a short-term surge in the price of Dogecoin.

Overall, the outlook for Dogecoin looks quite positive. First, the appearance of a "golden cross" has often been a strong bullish market signal in the past, combined with a significant increase in active addresses, which reflects increased market participation and investor interest. Coupled with the upcoming event of sending physical Dogecoin to the moon, it is expected to arouse wider public attention. Taken together, these factors provide a strong positive boost for the future price trend of Dogecoin. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.