Bitcoin (BTC) rose by 1.24%, ending a two-day downward trend. Other popular cryptocurrencies such as BNB (originally Binance Coin), Solana (SOL), and Dogecoin (DOGE) also regained upward momentum, with a nearly 4% increase in the past 24 hours.
Previously, Dogecoin faced long liquidations triggered by a price drop.
With the broader market declining, it led to a large-scale long liquidation in its futures market. According to Coinglass data, the total liquidation of DOGE futures in the past 24 hours reached $10 million.
Among them, 98% of the liquidated positions were long bets, indicating that bulls dominated the liquidation wave.
However, it is undeniable that DOGE is rebounding in the upcoming golden cross.
As the highest market cap meme coin, it rebounded before the golden cross. Dogecoin's market cap reached $33.54 billion. On Wednesday, its price rebounded 5.85% from the 100-day moving average, reaching $0.2091. As of the time of writing, DOGE's trading price is $0.2227, up about 0.50% from Thursday.
DOGE is currently challenging the resistance level of $0.2407, which was last tested on August 17. If it breaks through decisively, the price may further challenge the upward resistance trend line formed by the highs on December 8 and January 18, restoring the bullish trend.
However, the MACD and its signal line are close to the zero axis and showing a downward trend, indicating that momentum has turned bearish. The Relative Strength Index (RSI) is stable at the 50 level, indicating neutral market momentum. Meanwhile, the 100-day EMA is gradually approaching the 200-day EMA, about to form a golden cross, releasing buy signals, suggesting that the short-term trend may surpass the long-term trend.
If DOGE breaks below the 100-day EMA support level of $0.2091, the downtrend may extend to the support level of $0.1909, which was the closing price on August 2.
