Dogecoin Sees Golden Cross as 35 Billion DOGE Support Level Comes into Focus
Dogecoin's short-term charts have seen a golden cross, where the 50 MA rose above the 200 MA, following a stronger-than-expected jobs report. The nonfarm payrolls jumped by 162,000 in August, well ahead of the consensus for 53,000, leading to raised bets on a potential hike at the Fed's policy meeting this month.
The golden cross has shifted focus to a major on-chain support level where almost 35 billion DOGE were previously traded. This level is being highlighted as key by analysts, with recent whale accumulation reinforcing demand near the $0.0813 support floor.
Dogecoin tested near this level on August 3 when it fell to a low of $0.081, rebounding sharply to a high of $0.089. According to Ali Martinez, a crypto analyst, as long as this level holds, the bullish setup remains intact, with $0.1552 and $0.1774 as potential upside targets.
A morning doji star on Dogecoin's daily chart is sparking attention, typically developing near the end of a downtrend to signal fading selling momentum and incoming buyers. The bull flag pattern projects a move toward $0.12, aligning with multiple bullish signals on higher timeframes.