Dogecoin Sees Bullish Momentum After Golden Cross and US Employment Data
Dogecoin has regained its bullish momentum after forming a golden cross on its short-term chart. The technical signal appears when the 50-period moving average crosses above the 200-period moving average, indicating positive momentum.
The recent golden cross on Dogecoin's hourly chart coincided with a rebound in the price following stronger-than-expected U.S. employment data. Nonfarm payrolls increased by 162,000 in August, exceeding the consensus estimate of 53,000.
Crypto analyst Ali Martinez has identified $0.0813 as an important Dogecoin support zone. This region saw nearly 35 billion DOGE traded around this price, and recent whale accumulation has strengthened it as a potential demand floor.
The bullish setup is supported by additional technical signals, including a morning doji star on the daily chart and a bull flag pattern that projects a possible move toward $0.12. However, Dogecoin faces immediate resistance near $0.088, which aligns with the daily 20-period moving average.