Dogecoin (DOGE) is exhibiting potential for a bullish price reversal as a golden cross formation emerges on its hourly chart, indicating strengthening momentum. The cryptocurrency currently trades near $0.2331, having previously dropped to $0.2308 during recent market adjustments.
This technical pattern arrives amid broader altcoin market corrections driven by investor profit-taking activities. Notably, large holders have accumulated approximately 180 million DOGE tokens, demonstrating confidence in the asset. This accumulation complements Dogecoin’s third-quarter performance, which saw gains exceeding 50%.
Market analyst Ali Martinez projects Dogecoin could potentially rebound toward $0.46 if it successfully holds key support levels around $0.26. While ongoing market volatility and profit-taking continue to influence price action, technical indicators coupled with whale accumulation suggest favorable recovery prospects.