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Dogecoin completed a golden cross on its short-term charts, with focus now shifting to a major on-chain support, which could act as a launchpad for DOGE price, where 35 billion DOGE were previously traded.
The 50 MA on the hourly chart rose above the 200 MA, creating a golden cross, as price reversed a drop from the previous day following a stronger-than-expected jobs report. Nonfarm payrolls jumped by 162,000 in August, well ahead of the consensus for 53,000; traders subsequently raised bets on a potential hike at the Fed's policy meeting this month.
At the time of writing, Dogecoin was trading up 4.30% in the last 24 hours to $0.0877 and 2.57% weekly.
35 billion DOGE support comes into focus
Analysts highlight the $0.0813 support level as being key to watch for Dogecoin. According to Ali Martinez, a crypto analyst, recent whale accumulation has reinforced this major on-chain support floor where almost 35 billion DOGE were previously traded.
Dogecoin tested near this level on August 3 when it fell to a low of $0.081, and it subsequently rebounded sharply to a high of $0.089, confirming demand near the $0.081 level.
According to Ali, as long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as the next upside targets.
The emergence of a morning doji star on Dogecoin's daily chart is sparking attention. This bullish reversal pattern typically develops near the end of a downtrend, signaling that selling momentum may be fading as buyers step in.
Dogecoin's bull flag pattern projects a move toward $0.12, while also aligning with multiple bullish signals developing on the higher timeframes.
In the meantime, an immediate short-term barrier is seen at the $0.088 level, which coincides with the daily MA 20. A breakout past this level might cause Dogecoin to reach $0.10, moving DOGE closer to the $0.10 psychological level.
Dan Burgin
U.Today Editorial Team
