Dogecoin (DOGE) is showing intriguing technical patterns and strong recent price movements, capturing the attention of investors. A key bullish indicator, the "golden cross," appears to be on the horizon, potentially signaling further upward momentum for the popular cryptocurrency.
Potential Golden Cross Formation
On its four-hour chart, Dogecoin is nearing a significant technical event known as a "golden cross." This occurs when the 50-period moving average (MA) crosses above the 200-period MA, a widely recognized short-term bullish signal among traders. The 50 MA has already turned upwards and is poised to converge with the 200 MA, suggesting that a positive trend shift could be imminent for DOGE.
Recent Price Momentum and Key Levels
Dogecoin has demonstrated robust performance, recording four consecutive green four-hour candles and rebounding strongly early in the week. Following Bitcoin's recent surge, DOGE briefly climbed to $0.2655 on Sunday. Currently, DOGE is up 2.12% over the last 24 hours and an impressive 12% weekly, trading around $0.262. For continued upside, traders are closely watching for a decisive close above $0.265, which could pave the way for moves toward $0.288 and $0.305, with a more ambitious target of $0.43. Conversely, crucial support levels are established at $0.24 and $0.22, which previously prevented further declines in late September.
