Dogecoin Eyes $0.56 price tagged as key bullish cross tips continue to rise
After a sudden, brief callback, Tuesday, Dog The rebound is large as bullish sentiment returns to the wider cryptocurrency market driven by the continued rally of Bitcoin. As the largest dog-themed meme coins move closer to key resistance areas, technological developments point to the current expansion of the upward trend towards higher price levels.
Technical cross signal more Dogecoin upside action
Experienced crypto analyst and investor Trader Tardigrade outlines a promising trend that adds momentum to Doge’s 1-day chart. exist Analysis shared on x (Formerly Twitter) platform, the expert stressed that Doge seems ready to continue the upward trajectory with the help of the newly formed Bullish Cross (especially Golden Cross).
The Golden Cross is a technical signal that appears when the short-term moving average exceeds the long-term moving average. This indicator usually indicates a potential shift in price dynamics from bearish to bullish. This key signal is sometimes regarded as a predictor of long-term gatherings, Doge shows strong elasticity Faced with wider market volatility.
According to analysts, the recent golden cross occurred at the 20-day exponential moving average (EMA) that crossed the 50-day EMA. From the chart, the gold cross appears after a few months of bearish trend triggered by the death cross. The death cross occurred in late January this year, hindering Meme Coin In the next 4 months.
Trader Tardigrade said the Golden Cross marked the end of a four-month downward trend as it once again brought Meme coins back into positive territory. Since development suggests a continuation of the current uptrend, experts predict a rally to reach $0.56 in the next few weeks.
In a larger time frame, especially for 1 month charts, trader Tardigrade reveal The dog protein is finalizing cycle 3 as it can gather for this cycle peak. Expert analysis is based on past trends The Governor’s Most Powerful Actionclassified into 3 cycles.
Each cycle shows how Doge performs from the bear market stage to the bullish market stage. As shown, the meme coin is currently in the last part of cycle 3, which marks a substantial movement at the top of the cycle, at $20.
Open interest surges as price increases
It is worth noting that Dogecoin’s Open Interest (OI) has risen significantly in the context of recent price increases. As interest increases, sentiment turns bullish and buying pressure steadily increases, meme coins may be Prepare for the next leap.
Glass Festival Report Futures open interest increased by +63.9% last week, while Prices in Doji Decline from the recent peak. Data from the Chain Chain platform shows that over the time frame, open interest increased from $989 million to $1.62 billion. According to GlassNode, this decoupling must be closely monitored because it points to the ongoing speculative positioning, even if the price momentum gradually disappears when reported.
Featured Images from Getty Images, TradingView.com Charts
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