Is Dogecoin (DOGE) Still on Track to Top $0.5 This Cycle?

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Dogecoin (DOGE), the eighth largest cryptocurrency by market capitalization, has experienced price fluctuations of late. DOGE’s recorded price volatility became pronounced as it crashed from a high of $0.1677 to $0.1569 within 24 hours. This price instability has made many investors wonder if a rebound to $0.5 is still possible.

Recent Dogecoin metrics and historical patterns

According to data from CoinMarketCap, DOGE metrics do not look good. Market volume has dropped by 17.86%, amounting to $2 billion. As of this writing, the meme coin trades at $0.1599, a 1.12% decline, dropping its market capitalization to $23.45 billion.

Despite these gloomy statistics, DOGE displayed significant price gains in the past week, soaring by 19%, reflecting positive buying pressure. Market trend observers speculate that the meme coin could edge closer to the $0.5 level if Dogecoin enthusiasts increase their activities.

Based on precedent, Dogecoin has experienced breakouts that led to massive gains that stunned the broader crypto industry. In 2021, DOGE recorded a 300x surge during its bull run. A similar uptick occurred in 2018 when the meme coin registered a 92x increase.

An analysis of Dogecoin charts suggests a likely repeat of these previous bull runs as the patterns align. While $0.5 is far from the current market price, analysts maintain that the chart patterns indicate that DOGE could surpass the targeted level. They anticipate this to happen between the end of 2024 and early 2025.

Impact of golden cross on DOGE's future

Several factors support these predictions. As reported by U.Today, Dogecoin is nearing its golden cross, as it looks likely that its short-term moving average, the daily SMA 50, will cross above the long-term SMA 200 soon.

Dogecoin last witnessed a golden cross in November of 2023. The meme coin also recorded a golden cross in November of 2022, marking two consecutive years of the golden cross occurring in November. Dogecoin enthusiasts are betting on history repeating itself a third time. If this happens, DOGE might surpass the $0.5 mark.