Dogecoin (DOGE) is showing signs of potentially forming a golden cross on its hourly chart, sparking interest among investors and signaling a possible bullish reversal.
Golden Cross and Its Significance for DOGE
The Dogecoin hourly chart is approaching a golden cross forming at $0.2331, which occurs when the 9-day moving average crosses above the 26-day moving average. This signal often indicates a bullish trend, and in Dogecoin's case, it becomes evident.
Current DOGE Metrics and Market Situation
At the time of publication, Dogecoin's price was $0.2308, representing a 2.37% decline over the last 24 hours. Earlier in the trading session, DOGE reached an intraday high of $0.2446 before market volatility led to its decline. This drop is not unique to Dogecoin, as it reflects a broader correction across altcoins.
Prospects for Dogecoin in Q3
At the start of the trading week, the Dogecoin ecosystem experienced a surge in whale activity involving 180 million DOGE. If whales continue to accumulate, it could positively impact the price outlook for the meme coin. Additionally, Dogecoin has managed to register a 53% growth in Q3, breaking a six-year ultra-bearish trend.
The potential formation of a golden cross could serve as an important indicator for Dogecoin and aid in a possible recovery of its price trend. Watching for large holders will also play a crucial role in the coming days.