Dogecoin on Verge of Hourly Golden Cross Flip

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Dogecoin (DOGE), the leading meme coin, is approaching a golden cross formation on its hourly chart. This development has garnered attention from investors, as it could indicate a potential bullish price reversal for Dogecoin in the near future.

Golden Cross Signals Potential Momentum Shift for DOGE

As observed on the Dogecoin hourly chart, utilizing the 9-day and 26-day moving averages, the golden cross is poised to form around $0.2331. A golden cross occurs when a short-term moving average surpasses a longer-term moving average.

This is generally interpreted as a signal of upward momentum for an asset, which is becoming apparent on Dogecoin's hourly chart.

At the time of writing, Dogecoin was trading at $0.2308, reflecting a 2.37% decrease over the preceding 24 hours. DOGE had previously reached an intraday high of $0.2446 before market volatility led to a price dip.

This decline in Dogecoin's price mirrors a broader market correction affecting altcoins in general. Additionally, some investors within the Dogecoin ecosystem engaged in profit-taking, contributing to the sell-off.

Despite the observed volatility, the impending hourly golden cross and Relative Strength Index (RSI) positioning may act as catalysts for a reversal of the current downward price trend. Notably, on-chain analyst Ali Martinez suggests that Dogecoin has the potential to rebound to $0.46 if it establishes support at $0.26.

DOGE’s Q3 Performance Fuels Hope

Earlier in the trading week, the Dogecoin ecosystem experienced a surge in whale activity, involving 180 million DOGE. Should these large holders initiate an accumulation phase, it could positively influence the meme coin's price outlook.

Large holders exert significant influence on market movements and retail traders. The coming days will be crucial in determining whether the price can rebound, as predicted by Ali Martinez.

Furthermore, Dogecoin has already surpassed a six-year bearish trend in the current third quarter, registering a 53% growth in its quarterly performance.