Is Dogecoin Primed for a Price Surge? Insights from MACD Golden Cross

Dogecoin (DOGE) is exhibiting renewed vigor as indicated by various technical charts.

As of the latest data, DOGE is valued at $0.23, with a trading volume of $1.88 billion over the past 24 hours. It has shown a slight increase in value over the last day but is down nearly 2% weekly.

MACD Signal Indicates Potential Momentum Shift

Recently shared by the analyst Trader Tardigrade, a recent chart displays a MACD Golden Cross pattern on the 12-hour timeline. This happens when the MACD line crosses above the signal line, commonly interpreted as a change in momentum. The MACD histogram is now green, hinting that bullish momentum may be on the rise.

This bullish pattern is reminiscent of early September when DOGE surged from $0.23 to over $0.32. However, analysts emphasize that sustained volume and movement are essential to verify any trend reversal.

Chart of DOGE Price

In addition, DOGE is following an ascending channel, as highlighted by CryptoBull_360. This pattern, which has appeared since mid-April, signifies a series of higher highs and higher lows. The asset recently rebounded off the 100-day EMA and the upper boundary of the Murrey Math range close to the $0.22 mark.

Previously, DOGE displayed significant movements of 100% in June and 48% in September under comparable market conditions. The next resistance level appears to be around $0.32, suggesting a potential increase of 40% from current prices.

Possible Price Compression Indicated by Triangle Pattern

Another analysis from Bitcoinsensus reveals an ascending triangle forming on the daily chart. This pattern suggests that as higher lows are established, price action is compressing beneath a horizontal resistance level around $0.27, potentially leading to a breakout if buying pressure remains strong.

If DOGE surpasses $0.27 with considerable volume, the estimated target from this triangle formation is approximately $0.48, a meaningful level given previous resistance.

Ascending Triangle Formation

Additionally, Thumzup Media has invested $2.5 million in DogeHash Technologies to enhance its Dogecoin mining capabilities, which could attract further interest in DOGE as mining efforts intensify.

Note: Daily trading and long-term holding trends should be monitored closely, as shifts in sentiment and market activity can greatly affect asset prices.