Dogecoin's price rose 134% after the last golden cross.
Dogecoin (DOGE) is the eighth largest cryptocurrency by market capitalization, and as of the time of writing, it has formed a bullish golden cross on the daily chart.
The 50-day moving average has crossed above the 200-day moving average, confirming a complete bullish golden cross pattern, indicating potential upward momentum.
The appearance of the golden cross on Dogecoin's daily chart coincides with its recent price surge, with a 21% increase in price over the past seven days.
Due to the market's growing optimism about the Federal Reserve's potential interest rate cut in September, Dogecoin rebounded from a low of $0.218 on Tuesday. On Wednesday, Dogecoin continued to rise, briefly touching $0.25 in the early trading session.
As of the time of writing, Dogecoin has risen 8.14% in the last 24 hours, reaching $0.241.
Will Dogecoin rise to $0.30 next?
Dogecoin experienced a golden cross in November 2024, with a price increase far exceeding 134%, reaching $0.46. A similar pattern also occurred in November 2023, when Dogecoin's price rose 25% within weeks after confirming the golden cross.
Given this historical trend, attention is currently focused on Dogecoin's price to see if the upward momentum will accelerate after the golden cross formation. In this case, Dogecoin's next upward resistance level remains at $0.287, above $0.30. If these resistance levels are decisively broken, Dogecoin's target price could be $0.434.
Large holders (known as 'whales') continue to accumulate, which is a positive feature for Dogecoin. BitOrigin, a Dogecoin fund management company, recently announced that its fund management scale has exceeded 70,543,745 Dogecoins after completing a private placement denominated in Dogecoin.
