- The DOGE golden cross formation is approaching, a classic bullish signal that could spark a major breakout.
- Strong support from 100-day and 200-day EMAs, keeping the long-term bullish trend intact.
- Key resistance lies at $0.33; analysts believe a breakout here could trigger the next altseason.
Dogecoin (DOGE) is back in the spotlight again with a strong potential for a breakout, mirroring the broader market sentiment. The DOGE price over the last 24 hours has surged by 2.25%, but over the last week it has declined by 1.91%.
At the time of writing, DOGE is trading at $0.2349 with a market capitalization that surged 2.26% to $35.5 billion. Its trading volume also surged 84.69% to $2.4 billion, reflecting investors’ emerging confidence in the crypto market.
Source: CoinMarketCap
The general trend in the crypto market has turned bullish with BTC’s upward momentum. This has urged the overall market, including altcoins like DOGE.
DOGE Price Eyes $0.33 After Golden Cross Formation
Moreover, the crypto analyst, Cas Abbé, highlighted that Dogecoin (DOGE) is about to enjoy a golden cross, a traditional bullish technical indicator where a short-term moving average crosses the longer-term counterpart. Traders are watching closely, as this configuration most times signals the beginning of a gigantic rally. For DOGE, the occurrence may be the catalyst for a wider altseason.
Source: X
Historically, when Dogecoin pumps, the overall altcoin market follows. Analysts remind that a break above $0.33 would unlock gigantic momentum, fueling retail excitement and money into alts. Should this line be broken, many expect the market to experience its next big explosion.
Also Read: Dogecoin Struggles to Hold $0.24 Support Could Drop $0.19
Dogecoin (DOGE) Technicals Hint at Bullish Reversal
The chart reveals Dogecoin oscillating around major moving averages, where the 20-day EMA is lower than the 50-day EMA, indicating short-term softness. Support levels are the 100-day and the 200-day EMAs, indicating the long-term trend is still strong. The recent price has recently pulled back and is consolidating around these points.
Source: TradingView
RSI is oscillating around the middle levels, indicating indecision and absence of significant momentum either up or down. MACD depicts weakening bearish momentum, with lines near a potential bullish crossover. Generally, the configuration implies consolidation with potential for inversion if strength picks up on the buy side.
DOGE Community Sentiment Shows Strong Bullish Majority
According to the data from CoinMarketCap, the sentiment among the community stands very bullish, with 86% of investors voting to see the market up. It depicts high optimism among the voters regarding positive directional movement. It reveals such a vast majority as optimism prevails over the market expectations as a whole.
Source: CoinMarketCap
Conversely, 14% of voters were bearish, expecting a sell-off. Although smaller, this group still constitutes a skeptical outlook within the market. It highlights that there still exists some skepticism as well as uncertainty regardless of the overall sentiment.
Also Read: Dogecoin Whales Dump 40 Million DOGE As Price Faces Key $0.216 Support Test
