Dogecoin has caught the attention of traders after forming a golden cross on its hourly chart, creating waves of optimism about its short-term prospects in July.
Market Optimism: What is a Golden Cross
The golden cross emerged when Dogecoin's 50-hour moving average crossed above the 200-hour moving average. This technical pattern is interpreted by traders as a likely signal of upward momentum. Following the crossover, Dogecoin surged more than 9% in the last 24 hours.
Dogecoin's Price and Market Position
Currently, Dogecoin ranks as the ninth-largest cryptocurrency by market capitalization, achieving a price of $0.1749. Its strong intraday performance has allowed it to surpass other major altcoins in the current rebound.
Cryptocurrency Market in July 2024
So far this month, Dogecoin has recorded a 5.53% gain. Historically, Dogecoin has closed two of the last four Julys in profit. Analysts note that improved macroeconomic conditions contributed to heightened investor confidence this month.
With the golden cross signaling a bullish trend, Dogecoin has opened up new opportunities in July. If momentum is maintained, the meme cryptocurrency may continue to perform strongly.
