Dogecoin (DOGE) Targets First Golden Cross Since October 2024 — $1 Still in Fantasy Zone

Key Takeaways

• Dogecoin is nearing its first golden cross in eight months, potentially signaling bullish momentum ahead.
• Data shows the MVRV ratio at -1.57%, suggesting DOGE is undervalued and primed for a breakout.
• The 4-hour chart shows DOGE has broken out of a falling wedge, supported by a rising CMF and green AO.

Dogecoin (DOGE) is on the brink of its first golden cross in nearly eight months. But despite drawing this bullish setup, the anticipated run to $1 is still far-fetched.

At press time, Dogecoin’s price is trading at $0.20, up 5% in the last 24 hours.

Retail interest still feels distant while the memecoin is exiting its bearish phase. So, the question isn’t whether DOGE will hit $1 — how far it can realistically run before momentum fades?

Dogecoin Breaks Key Moving Averages

On the daily chart, the last bullish crossover between the 20 EMA (blue) and 50 EMA (yellow) happened in October 2024, ahead of the U.S. presidential elections.

What followed was explosive. By December of the same year, Dogecoin rocketed 300%, soaring from $0.11 to $0.48.

Retail hype and political speculation helped trigger that pattern, called the “golden cross.”

Since Jan. 29, DOGE has been trapped in a bearish pattern as the 50 EMA surpassed the 20 EMA, triggering one of its deepest corrections in recent history.

But as of this writing, the 20 EMA is about to cross the 50 EMA above. If validated, Dogecoin’s price will look to break the resistance at $0.25.

However, for this to happen, bulls have to defend the support near $0.17.

Memecoin Undervalued

Interestingly, on-chain data backs the bullish case. According to Santiment, Dogecoin’s 30-day MVRV ratio has climbed to -1.57% and is flirting with the zero line.

This metric tracks whether holders are in profit or loss, and historically, it nails market tops and bottoms.

A reading between 17% and 35% signals overheated conditions. However, when the MVRV sits between 0% and -25%, it points to undervaluation and accumulation.

Right now, DOGE is squarely in that accumulation zone. Therefore, if history holds, this could be the calm before Dogecoin’s price sees the next major leg up.

DOGE Price Analysis: Bulls Return

Analysis of the 4-hour chart also seems to present a similar outlook. From the chart below, DOGE’s price has broken above the upper trendline of a falling wedge.

This breakout validates the end of its corrective phase. As such, the memecoin is likely to break the resistance at $0.21.

In addition, the Chaikin Money Flow (CMF) has risen above the zero signal line. This CMF position agrees with the MVRV ratio signal that Dogecoin is undervalued and in an accumulation phase.

In line with the CMF position, the Awesome Oscillator (AO) has climbed to the positive region, indicating bullish momentum. Should buying pressure increase as of late, then DOGE’s short-term price prediction could see it rise to $0.26.

The cryptocurrency’s value might jump to $0.30 in a highly bullish case. However, if bullish momentum fades, this might not pass, and Dogecoin’s price might sink to $0.16.