DOGE price prediction: 1-hour chart shows a surprising golden cross pattern, with long positions targeting $0.20?

On July 3 local time, leading meme coin DOGE (DOGE) price surged 8%, currently reported at $0.174. Accompanying the price increase, its 24-hour volume surged by 142%, reaching $1.57 billion, indicating strong market interest. On the technical front, DOGE has formed a key golden cross pattern (Golden Cross) on the 1-hour chart, a signal that typically indicates a strong upward trend is about to begin in the short term.

Technical Pattern Analysis: Golden Cross Pattern and Bullish Flag Resonance

• Golden Cross Signal: The golden cross pattern (short-term moving average crossing above long-term moving average) on the 1-hour chart is an important short-term bullish indicator, suggesting that the current rise may continue and accelerate. Historical backtesting shows that a similar 1-hour golden cross in June propelled the DOGE price from $0.18 to $0.20.
• Bullish Flag Support: At the same time, a bullish flag (Bullish Flag) has appeared on the chart. This pattern indicates a potential continuation of the rise, but a breakout confirmation must meet key conditions: the DOGE price must effectively break above the resistance trend line of the flag channel.
• Target Calculation: Once the upper trendline of the flag is successfully broken, based on the height of the pattern, the DOGE price is expected to see a rise of about 12%, targeting the key resistance level of $0.20. CoinGape even pointed out that if the $0.20 level is successfully breached, the medium to long-term target could be seen at $0.375 (potential 125% rise), although there are differences in opinions on the news front (such as differing views between Trump and Musk).
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Market sentiment and on-chain data support a rise

• Momentum Indicator Strengthening: The Relative Strength Index (RSI) is currently at 56, confirming that buying power dominates the market, providing momentum support for the rising trend indicated by the golden cross pattern.
• Bullish on the Derivatives Market: CEX data shows that up to 66% of traders hold long positions in DOGE, while shorts account for only 33% (the long-short ratio significantly favors longs). This strong bullish bet resonates with the price movement.
• Open Interest Soars: DOGE Open Interest (Open Interest) increased significantly by 13% in the last 24 hours, reaching $2.92 billion (Coinglass data). The rise in open interest accompanied by a price increase is a typical bullish continuation signal, indicating that new funds are flowing into the market with expectations of further price increases.

Key Points and Operational Tips

• 1-hour golden cross pattern formed, combined with volume surge, suggests that DOGE short-term rise may have started.
• Bullish flag breakout ($0.20 resistance) is the key trigger point to confirm the next wave of 12% rise.
• Derivatives market (CEX long-short ratio) and on-chain data (open interest skyrocketing) both indicate traders' strong bullish sentiment.
• Potential Upside Target: In the short term, focus on breaking through $0.20; if successful, it opens up space towards $0.375 (need to continuously monitor news impact).
• Risk Warning: If the price fails to break through the upper resistance of the flag pattern, or falls below the current uptrend line, the bullish pattern may fail, and the rise may be difficult to sustain.