-
Dogecoin (DOGE) is approaching a critical technical indicator known as the golden cross on its hourly chart, signaling a possible bullish reversal in the near term.
-
The recent surge in whale activity and a strong quarterly performance have added optimism to DOGE’s price outlook amid broader market volatility.
-
According to COINOTAG, on-chain analyst Ali Martinez highlights the potential for Dogecoin to rebound significantly if key support levels hold.
Dogecoin nears a golden cross on the hourly chart, with whale activity and Q3 gains fueling hopes for a bullish reversal in DOGE’s price trajectory.
Golden Cross Formation Indicates Possible Bullish Momentum for Dogecoin
The imminent formation of a golden cross on Dogecoin’s hourly chart, where the 9-day moving average is poised to cross above the 26-day moving average at approximately $0.2331, is a technical signal closely watched by traders. This crossover often marks a shift from bearish to bullish momentum, suggesting that DOGE could experience upward price movement in the short term.
Despite a recent 2.37% decline to $0.2308 amid marketwide altcoin corrections, the golden cross combined with a favorable Relative Strength Index (RSI) positioning points to a potential reversal. The price volatility witnessed earlier, including an intraday high of $0.2446, reflects typical market fluctuations but does not negate the significance of this technical setup.
Market Volatility and Profit-Taking Impact DOGE Price Dynamics
Dogecoin’s price dip aligns with a broader altcoin market correction, exacerbated by profit-taking activities among investors. Such sell-offs are common following price rallies, as traders lock in gains. However, the technical indicators suggest that this correction phase may be temporary, with momentum potentially shifting back to the upside if support levels hold firm.
Whale Accumulation and Q3 Performance Bolster Dogecoin’s Outlook
Recent data reveals a notable increase in whale activity, with large holders moving approximately 180 million DOGE. This accumulation behavior often signals confidence among institutional or high-net-worth investors, which can drive positive price momentum and influence retail trader sentiment.
Dogecoin’s quarterly performance further supports a bullish narrative, having broken a six-year ultra-bearish trend with a 53% gain in Q3. This strong performance underscores the resilience of the meme coin despite broader market challenges and highlights its potential for sustained growth.
Expert Insights on Dogecoin’s Potential Price Rebound
Ali Martinez, a respected on-chain analyst cited by COINOTAG, projects that if Dogecoin maintains support around $0.26, it could rebound to as high as $0.46. This forecast is contingent on continued accumulation by whales and favorable market conditions, emphasizing the importance of monitoring key support and resistance levels in the coming days.
Conclusion
Dogecoin’s approaching golden cross on the hourly chart, combined with increased whale activity and a strong quarterly performance, presents a cautiously optimistic outlook for the meme coin. While recent volatility and profit-taking have pressured prices, technical indicators and expert analysis suggest a potential bullish reversal if critical support levels hold. Investors should watch these developments closely to gauge DOGE’s next directional move.
