Dogecoin Golden Cross Triggers Bullish Sentiment with 35 Billion DOGE Support

Dogecoin has completed a golden cross on its short-term charts, where the 50 MA rose above the 200 MA. This technical indicator typically signals an uptrend and is often seen as a bullish sign.

The golden cross was triggered after a stronger-than-expected jobs report, which saw nonfarm payrolls jump by 162,000 in August, beating the consensus for 53,000. As a result, traders raised bets on a potential hike at the Fed's policy meeting this month.

At the time of writing, Dogecoin was trading up 4.30% in the last 24 hours to $0.0877 and 2.57% weekly. Analysts are now focusing on a major on-chain support level, where almost 35 billion DOGE were previously traded.

The $0.0813 support level is key to watch for Dogecoin, according to Ali Martinez, a crypto analyst. Recent whale accumulation has reinforced this major on-chain support floor, and as long as it holds, the bullish setup remains intact with potential upside targets at $0.1552 and $0.1774.