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Dog-themed cryptocurrency Dogecoin (DOGE) has recently created a bullish golden cross on its hourly chart, with eyes on what comes next in July.
A golden cross occurs when a shorter-term moving average, such as the 50-hour MA, crosses above a longer-term moving average, such as the 200-hour MA. This is widely regarded by traders as a bullish indicator, often preceding upward momentum in an asset’s price. The bullish signal aligns with Dogecoin’s price recovery within the broader cryptocurrency market’s rebound.
Dogecoin and other altcoins drove a spike in crypto values, including a three-week high for Bitcoin, as investors became more upbeat about the growing adoption of digital assets.
DOGE led a surge in major meme coins, increasing more than 9% in the last 24 hours, according to crypto ranking platform CoinMarketCap, to $0.1749. The ninth-largest cryptocurrency by market capitalization regained ground lost in the previous month.
On the macro front, investors have become more optimistic about a possible Federal Reserve interest rate decrease following dovish remarks by Central Bank officials in recent days.
This latest golden cross, albeit on an hourly chart, could be the start of a strong July for Dogecoin, especially if momentum holds.
July marks a mixed month for Dogecoin in terms of price action. Since 2021, the dog coin has closed two out of four Julys in gains, indicating a 50-50 likelihood if history repeats.
In July 2021, Dogecoin ended the month down 18.18%; in June 2022, Dogecoin gained 2.53%; in July 2023, Dogecoin increased by 17.19%; and in July 2024, Dogecoin fell 1.99%. So far this July, it is up 5.53%.
Eyes will also be on factors that may influence Dogecoin’s short-term price trajectory, including overall crypto market sentiment and speculative interest from retail traders.
