30s Summary

Dogecoin (DOGE) is exhibiting potential for a price increase due to key average figures and a “golden cross” event that suggests a major upward price shift. The cryptocurrency is currently facing resistance at the 21.7 cents level but could rise to 35 cents if it breaks this threshold convincingly. If it fails to surpass this level, the price may drop to 12.75 cents. At writing time, DOGE trades around 19.7 cents on Binance.

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Dogecoin (DOGE) is showing signs of a possible rise in its price based on some key average figures. It’s looking super bullish right now. Although originally created as a joke, Dogecoin is currently facing a bit of resistance at the 21.7 cents mark, a ceiling it hit back in March.

A golden cross is when short-term momentum of an asset’s price surpasses the long-term trend which can lead to a significant upward swing. This technical occurrence popped up for DOGE on Wednesday. With a price surge of over 15%, it even reached a resistance level identified by experts who have been keeping an eye on Doge’s performance in the markets over the last year or so.

The golden cross also shows that there could be enough momentum for the cryptocurrency to break the 21.7 cents mark that stopped gains back in March. If it does break this level convincingly, we might see even more buyers stepping in, pushing the price higher to possibly reach the 35 cents mark seen this time last year.

But, if Dogecoin doesn’t manage to hold above the 21.7 cents level, this could undermine the bullish case and could see prices dropping back to around 12.75 cents.

At the time of writing, Dogecoin is trading at around 19.7 cents on Binance, so it’s definitely one to watch!