Dogecoin Forms Bullish Golden Cross, Eyes $0.30 as Trading Volume Surges

• Dogecoin is showing bullish signs with the formation of a golden cross, signaling positive momentum for the meme coin.
• Trading volume has surged by 10.47% in 24 hours, reflecting rising investor optimism and market interest.
• Analysts predict a potential breakout for Dogecoin, with some forecasting a price surge beyond $0.50 if market conditions remain favorable.

Dogecoin (DOGE) has recently shown significant signs of a bullish recovery, as it is poised to form a golden cross formation. This development has attracted attention from both investors and analysts, with many anticipating a price rebound for the meme coin. The golden cross occurs when a short-term moving average crosses above a longer-term moving average, signaling positive momentum. As Dogecoin’s price reached $0.2488, reflecting a 4.04% increase in the last 24 hours, the coin has now become a focal point for market participants.

The 9-day and the 26-day moving averages have indicated the golden cross formation at around the volume of $0.2454. This technical indicator usually indicates a positive trend for the future, and it has also been supported by a significant change in the trading volume. The trading volume of DOGE did go up by 10.47% in the last 24 hours, to the level of 3.32 billion. 

Source: TradingView

This surge in trading is perceived as a good indicator of a possible price increase. Also, its Relative Strength Index (RSI) is recovering, which suggests that the coin might also be in the state of being oversold, which will lead to the reversal of the recent falling pattern.

A Bitcoin minor rally could help Dogecoin to recover.

Even though the performance of Dogecoin does not rely on it significantly, the slight rise in Bitcoin price could have contributed to the growth of this coin. In the past, DOGE has demonstrated vulnerability to the fluctuations in the price of Bitcoin, and its recent trend might be supported by a general positive mood in the crypto market. According to the market participants, Dogecoin will keep on its upward trend in the near future as it begins to regain lost ground it has lost recently.

Analysts have gained some hope with the recent increase in Dogecoin. Others, such as Ali Martinez, think that the latest price is one of the remaining opportunities for investors to get stuck in before a breakout. According to Martinez, Dogecoin may rise above $0.50, particularly in the event that the overall crypto market remains in support of meme coins. Moreover, the Dogecoin Foundation, through the Director, Timothy Stebbing, has urged the holders to think of how the Doge can be used in the future, which can translate to increased adoption and a rise in price.