DOGE is now trading at $0.14, up 19% in seven days.
In the past nine days, holders of 10 million to 100 million DOGE have sold off 400 million DOGE, valued at $44.8 million, contributing to the coin's volatility.
DOGE and other altcoins like Ethereum, XRP and Solana were among the top gainers following the recent market recovery.
Death cross vs. golden cross
A death cross has emerged on Dogecoin's daily chart, indicating potential bearish momentum as the 50-day moving average fell below the 200-day moving average.
In contrast, the four-hour chart shows a golden cross, where the short-term moving average crosses above the long-term moving average, suggesting a possible short-term price climb.
In technical analysis, a death cross typically signals price declines, while a golden cross suggests upward movement.
Despite the daily chart's bearish outlook, the four-hour chart's golden cross hints at a potential short-term increase in Dogecoin's price.
Price prediction
Speculation about Dogecoin replicating its past all-time high of $0.73 follows its rise to $0.14 after dropping through a descending wedge pattern.
Dogecoin's Open Interest (OI) for July surged 19% to $647.19 million, indicating strong market sentiment, now at a "Greed" score of 74, up from 33. The Global In/Out of the Money (GIOM) indicator shows 35.27 billion DOGE bought between $0.105 and $0.114, with $4 billion at risk if DOGE falls below $0.105.
A daily "death cross" suggests bearish momentum, while a four-hour "golden cross" indicates potential short-term gains.
Dogecoin's year-to-date return of over 78% speaks well of the meme coin.
Alex Dovbnya
Arman Shirinyan