Dogecoin Forms First Golden Cross in 14 Months
Dogecoin has formed its first daily golden cross in 14 months, signaling a potential shift in technical momentum for the meme coin. The crossover occurred when Dogecoin’s 50-day moving average surpassed its 200-day moving average, pushing DOGE to approximately $0.096. This move extends a recovery from the coin’s August low near $0.06.
While the golden cross is traditionally a bullish indicator, Dogecoin still faces significant resistance. The $0.098-$0.10 range has historically been a tough barrier, with around 28 billion DOGE previously traded in this area. Recent rallies have stalled here, and another failure could see DOGE fall back toward $0.093.
If buyers manage to break through this resistance, the next target is $0.106, with a stronger rally potentially pushing toward $0.12. Meanwhile, large holders have been accumulating DOGE, with wallets tracked by Santiment acquiring over 1.14 billion DOGE (worth around $112 million) in just 96 hours. U.S. Dogecoin investment products also saw strong weekly inflows of $2.9 million.
Despite this demand, Dogecoin’s ongoing issuance of roughly 14.4 million new DOGE each day creates persistent supply pressure, which could temper any upward momentum.