Dogecoin Forms Major Golden Cross, Is $0.30 Next Target?

Dogecoin (DOGE) is the eighth largest cryptocurrency by capitalization, and at press time, it formed a bullish golden cross on the daily chart.

The moving average 50 has crossed above the moving average 200, which now affirms the formation of a complete bullish golden cross pattern, suggesting likely upward momentum.

The appearance of a golden cross on Dogecoin’s daily chart coincides with its recent price surge, which has produced a 21% gain in the last seven days.

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Dogecoin recovered from a low of $0.218 on Tuesday as optimism rose on the potential of a Federal Reserve rate cut in September. The rally extended on Wednesday, with Dogecoin reaching $0.25 early Wednesday.

Around press time, Dogecoin was trading up 8.14% in the last 24 hours to $0.241.

Dogecoin to $0.30 next?

Dogecoin displayed a golden cross last November 2024, rising well above 134% to $0.46 price. A similar formation came along in November 2023, when the DOGE price went up 25% in weeks after confirming a golden cross.

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With this historical tendency, eyes are currently on Dogecoin price to see if its positive momentum would accelerate following the formation of a golden cross. In this scenario, the next upside barrier for Dogecoin remains at $0.287, ahead of $0.30. If these barriers are decisively breached, Dogecoin might aim for $0.434 after.

Large holders, referred to as whales, remain in accumulation, a positive feature of the dog coin. Dogecoin treasury company BitOrigin recently announced it had surpassed 70,543,745 DOGE in its treasury following a DOGE-denominated private placement.