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Highlights
- Dogecoin price has formed a golden cross on the one-hour chart.
- 66% of Binance traders are leaning bullish towards Dogecoin, as the long/short ratio surges.
- A bullish flag suggests that Dogecoin may surge by 12% to $0.20.
Dogecoin (DOGE) has formed a golden cross on the one-hour timeframe, which usually shows that this leading meme coin is about to make a strong gain. This crossover comes as Dogecoin price trades with an 8% gain today, July 3, to trade at $0.174 at press time. The meme token’s trading volumes have also increased by 142% to $1.57 billion, which is a sign of strong interest in the coin.
Dogecoin Price Forms Golden Cross as Bulls Target $0.20
The golden cross visible on the Dogecoin price chart is on the one-hour chart. This signal is often a sign that the gains that the coin is currently making may continue, and the price could create a significant rally to the upside.
DOGE price also formed a one-hour golden cross in June, and this led to the price surging from $0.18 to $0.20. The recent move has drawn speculation about whether this could happen again, given that a bullish flag has also appeared.
The bullish flag supports a bullish Dogecoin price prediction, but the only way that the price can gain, as this pattern suggests, is if it can cross above the channel’s upper trendline resistance. Based on the height of this flag, doing this will support a 12% rally to the $0.20 resistance level.
Buyers have also been influencing the DOGE price performance in the last 24 hours, and this is evident from the RSI indicator, which is currently at 56. This reading shows that bullish momentum is behind the DOGE price movements, and the uptrend that the golden crossover shows might become strong.
A recent CoinGape analysis was also bullish, as it noted that Dogecoin may rise 125% despite a disagreement between US President Donald Trump and Elon Musk. Based on this analysis, if Dogecoin can move past $0.20, the next target price will be $0.375.
Binance Traders Lean Bullish
Traders on the Binance exchange are placing bullish bets on the Dogecoin price performance, and this is seen in the long/short ratio on the exchange. According to data from Coinglass, 66% of traders on this exchange have opened long positions, while only 33% have opened short positions.
The percentage of long vs. short traders also coincides with a notable increase in open interest, considering that this metric has risen to $2.92 billion after a 13% gain in 24 hours.
When the majority of traders are opening long positions on an altcoin, it shows that they are expecting its price to increase. In this case, traders are speculating that the Dogecoin price could rise to the $0.20 resistance level as depicted by the golden cross pattern and extend its gains.
In conclusion, the price of Dogecoin targets a strong move to the upper side as a golden cross appears on the one-hour chart. This cross indicates that the trend is gaining strength, and the price of the top meme coin may be set for a strong move north.
Frequently Asked Questions (FAQs)
1. Will Dogecoin price rise after forming a golden cross?
2. Why are Binance traders bullish on DOGE?
3. What is the key resistance level for Dogecoin price?
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