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Dog-themed cryptocurrency Dogecoin (DOGE) has confirmed a golden cross, which incidentally is the first such in October, a historically positive month for the markets, referred to as "Uptober" in crypto parlance.
The bullish golden cross signal — which happens when the short-term moving average, typically the 50 MA, crosses above the long-term 200 MA — has appeared on Dogecoin's short-term charts.
The 50 hourly MA has crossed above the 200 hourly MA, confirming a golden cross on the hourly chart.
The appearance of this signal coincides with a 10% price jump for Dogecoin in the last 24 hours.
Dogecoin jumps 10%
Dogecoin surged nearly 10% as traders speculated on U.S. ETF approvals and institutional interest. At press time, DOGE was trading at $0.257 and up 11% weekly as the broader crypto market largely saw gains.
A U.S. government shutdown failed to push digital assets lower this week, as traders positioned for looser global liquidity conditions.
Major cryptocurrencies, including Dogecoin, saw gains, with the total crypto market capitalization now at $4.08 trillion.
Support is envisaged for Dogecoin at $0.237 with resistance at $0.269, reaching $0.288 if surpassed. A decisive break above $0.288 might cause Dogecoin to reach $0.32, with the market anticipating Dogecoin ETF approvals.
The U.S. Securities and Exchange Commission is expected to decide on numerous spot ETF applications in October, including Grayscale’s application to convert its Dogecoin Trust into an ETF. The deadline for the SEC to decide on this application is mid-October. The SEC is also yet to decide on the Bitwise Dogecoin ETF.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team