Dogecoin (DOGE) has recently formed a golden cross on its hourly chart, indicating potential price growth in the future.
What is a Golden Cross?
A golden cross occurs when a shorter-term moving average, such as the 50-hour MA, crosses above a longer-term moving average, such as the 200-hour MA. This is regarded by traders as a bullish indicator, often preceding upward momentum in an asset’s price.
Dogecoin's July Prospects
July has traditionally been a mixed month for Dogecoin. Since 2021, the coin has closed the month in gains only two out of four times, suggesting a 50-50 likelihood if history repeats. In July 2021, Dogecoin ended down 18.18%; in July 2022, a slight increase of 2.53%; in July 2023, an increase of 17.19%; and in July 2024, a decrease of 1.99%. So far this July, Dogecoin is up 5.53%.
General Market Sentiment
Recent corrections in the cryptocurrency market have led to increased optimism among investors, especially following dovish remarks from Central Bank officials regarding a potential interest rate decrease. This positive sentiment may support the rise of Dogecoin and other altcoins.
The golden cross on Dogecoin's chart, combined with historical statistics and general market sentiment, may suggest opportunities for growth in the asset during July.
