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Dog-themed cryptocurrency Dogecoin (DOGE) has recently created a bullish golden cross on its hourly chart, with eyes on what comes next in July.
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 widely regarded by traders as a bullish indicator, often preceding upward momentum in an asset’s price. The bullish signal aligns with Dogecoin's price recovery within the broader cryptocurrency market's rebound.
Dogecoin and other altcoins drove a spike in crypto values, including a three-week high for Bitcoin, as investors became more upbeat about the growing adoption of digital assets.
DOGE led a surge in major meme coins, increasing more than 9% in the last 24 hours, according to crypto ranking platform CoinMarketCap, to $0.1749. The ninth-largest cryptocurrency by market capitalization regained ground lost in the previous month.
On the macro front, investors have become more optimistic about a possible Federal Reserve interest rate decrease following dovish remarks by Central Bank officials in recent days.
July surge ahead?
This latest golden cross, albeit on an hourly chart, could be the start of a strong July for Dogecoin, especially if momentum holds.
July marks a mixed month for Dogecoin in terms of price action. Since 2021, the dog coin has closed two out of four Julys in gains, indicating a 50-50 likelihood if history repeats.
In July 2021, Dogecoin ended the month down 18.18%; in June 2022, Dogecoin gained 2.53%; in July 2023, Dogecoin increased by 17.19%; and in July 2024, Dogecoin fell 1.99%. So far this July, it is up 5.53%.
Eyes will also be on factors that may influence Dogecoin’s short-term price trajectory, including overall crypto market sentiment and speculative interest from retail traders.
Vladislav Sopov
U.Today Editorial Team