Dogecoins 5% Surge Fuels Bullish Hopes as Golden Cross Approaches
- Dogecoins pric surgd 5.85% ovr th pst wk, rching $0.1077, drivn by bullish mrkt sntimnt.
- Anlyst rports tht rising moving vrgs suggst potntil bullish trnd for Dogecoin, with possibl Goldn Cross formtion.
- Incrsd buying by lrg holdrs signls strong bullish sntimnt, potntilly lding to significnt pric movmnts for DOGE.
Dogecoin (DOGE), cryptocurrncy populrizd by mms, hs shown signs of potntil growth in rcnt dys. Ovr th pst wk, DOGE hs incrsd by 5.85%, rching $0.1077. This rprsnts 3.66% ris from its intr-dy low of $0.1039, rising hops mong xprts for bullish mrkt shift.
According to nlyst Kevin, ky tchnicl indictor points to chnging mrkt conditions for DOGE. Th cryptocurrncys short-trm nd long-trm moving vrgs r both rising, typiclly signling th onst of bullish trnd. This suggsts tht bullish sntimnt could b rturning to th Dogecoin mrkt.
Kvin furthr nots tht DOGE my xprinc its first wkly Goldn Cross in nrly four yrs. A Goldn Cross hppns whn short-trm moving vrg movs bov long-trm on, trditionlly viwd s positiv signl for sustind pric growth. If this pttrn forms, it could indict strong upwrd movmnt.
In post on Sptmbr 19, tchnicl nlyst Ali idntifid two ky indictors for possibl Dogecoin brkout. Th first signl ws th RSI (Rltiv Strngth Indx) brking its downwrd trnd on th dily chrt. Th scond ws DOGE moving pst th $0.11 rsistnc lvl.
On Sptmbr 21, Ali confirmd tht on of ths conditions hd bn fulfilld. Th RSI hd crossd bov th dscnding trndlin, which is oftn sign of trnd rvrsl. This shift suggsts tht buyrs could b gining strngth, potntilly driving th pric upwrd.
Dogecoin Needs to Break $0.11
For bullish momntum to fully dvlop, howvr, DOGE must brk through th $0.11 rsistnc. This lvl hs bn rcnt chllng. Ovrcoming it could invit mor buyrs, potntilly sprking pric surg. Should this hppn, Dogecoin could im for $0.16, 45% ris from th currnt rsistnc
Cptin Fibik projcts mor bullish outlook for DOGE, nticipting brkout from its dscnding chnnl. If succssful, DOGE could ris to $0.20, doubling its vlu from its prsnt pric.
In ddition, rcnt dt shows n uptick in ctivity mong lrg Dogecoin holdrs, commonly known s whls. Ths significnt trnsctions oftn hint t mjor pric shifts. Th ongoing ccumultion of DOGE by whls round th $0.10 support lvl is gnrlly sn s strong bullish indictor.
Historiclly, whl buying pttrns oftn ld to upwrd pric movmnts. Th currnt ccumultion suggsts this support could ignit rlly. As lrg invstors continu to buy, DOGE is mor likly to brk through ky rsistnc, potntilly offring furthr vlidtion to th bullish outlook for Dogecoin.
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Read more: https://www.tronweekly.com/dogecoin-bullish-hopes-as-golden-cross-nears/
Text source: TronWeekly
