Dogecoin (DOGE/USD) confirms a golden cross


  • Dogecoin has surged ahead of integration into Twitter payments

  • Dogecoin initiated a bullish golden cross

  • The cryptocurrency is in a correction but maintains bullish momentum

Dogecoin (DOGE/USD) has issued another bullish signal – a golden cross. A golden cross occurs when the shorter-term 50-day moving averages approach and cross the 200-day MA. The golden cross is interpreted as a crucial bullish signal.

A gold cross on DOGE happened after the meme cryptocurrency saw heightened interest from investors. Speculation continues to grow about the adoption of Dogecoin as a means of payment for Twitter. Charles Hoskinson, co-founder of IO Global CEO, shared his thoughts on the hotly contested topic. Hoskinson says Elon Musk could use DOGE for payments on Twitter, driving another 200 million people to cryptocurrencies.

Hoskinson says Binance’s participation in the Twitter acquisition is a move to support crypto integration. The CEO of IOG expects BNB to be the other cryptocurrency that could benefit from crypto usage on Musk-owned Twitter.

DOGE corrects after a short-term price increase

DOGE/USD chart by TradingView

On the daily chart outlook, the 50-day MA was moving above the 200-day MA (golden cross). It is the first time since October 2021 that the 50-day MA has moved above the 200-day MA. The golden cross could be a strong bullish indicator for DOGE.

DOGE is also sitting on a slight correction after a $0.09 breakout took the cryptocurrency’s price to $0.11. The MACD indicator has turned bullish and moved above the neutral zone. Momentum has weakened slightly, but remains strong.

When to buy Dogecoin?

The technical outlook and indicators are optimistic Dogecoin price. However, the current correction could persist in the near term. For buyers, $0.09 is the level to watch for a possible bullish reversal and potential buy zone for DOGE.

In the bullish scenario, buyers will then target the level around USD 0.14. Further price increases will depend on prevailing crypto sentiment and Dogecoin’s own fundamentals. Other resistances are at $0.15 and $0.17.

Where to buy DOGE

eToro

eToro offers a wide variety of cryptos, such as Bitcoin, XRP and others, in addition to crypto/fiat and crypto/crypto pairs. eToro users can connect, learn from and copy or be copied by other users.

Buy DOGE with eToro today


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