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Dogecoin (DOGE), the king of meme coins, is on the verge of forming a golden cross even as technical indicators signal a bullish recovery. In the last 24 hours, there has been a halt to the meme coin’s downward slip as it began to show a golden formation.
DOGE trading volume surges as RSI supports recovery
Notably, the 9-day and 26-day moving averages show the golden cross formation around the $0.2454 mark. This technical indicator, which happens when a short-term moving average crosses over a longer-term one, is generally a bullish signal.
Investors backing the meme coin are anticipating a price recovery following this signal showcase in the altcoin. As of press time, Dogecoin has started trading up as the price spiked upward to $0.2488, reflecting a 4.04% increase in the last 24 hours.
DOGE had climbed from a low of $0.2321 in earlier trading sessions, supported by increasing trading volume. Within this time frame, Dogecoin’s volume has registered a significant 10.47% increase to $3.32 billion amid rising optimism.
This came as the meme coin hit oversold conditions, as shown by its Relative Strength Index (RSI). With such a setup, DOGE’s price had nowhere else to go but to reverse its downward path. Additionally, the slight increase in the price of Bitcoin might have contributed to Dogecoin’s recovery.
Dogecoin is likely to continue on its current bullish trajectory, as historical precedent shows that DOGE has an average growth rate of 13%. As per Cryptorank data, while the average growth is positive, the meme coin has posted more negative figures in the month of September.
However, in September 2024, Dogecoin recorded a 12.6% increase. If the asset repeats this performance, Dogecoin could inch closer to the $0.30 target.
Analysts predict Dogecoin could break $0.50 soon
Meanwhile, Timothy Stebbing, Dogecoin Foundation Director, has suggested ways holders could contribute to the utility of the meme coin and drive adoption. He advocated that holders think of how they could spend their DOGE.
Interestingly, Ali Martinez, a renowned crypto analyst, believes that the current price of Dogecoin might be the last discount opportunity for investors before a breakout. Martinez predicted that DOGE could spike above $0.50 if ecosystem bulls support the asset on the market.
Market participants continue to hope that the analyst’s prediction will come to pass so that their investment value can soar.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team