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Dogecoin completed a short-term golden cross, with traders now watching out for what comes next.
The Moving Average (MA) 50 rose above the MA 200 in a crossover on the hourly chart, indicating a golden cross. The signal follows Dogecoin's weekend rally, which saw the price rise for three straight days from Friday to Sunday.
Dogecoin began to increase from a low of $0.068 on July 24; the rally gained traction on Saturday when meme coins saw sudden momentum. On Sunday, Dogecoin climbed by up to 6% at one point while several memecoins also rose, taking the entire crypto market by surprise. At press time, Dogecoin had erased its daily gains and was down 0.93% in the last 24 hours to $0.072.
According to Ali, a crypto analyst, a potential Dogecoin rebound may still be on the cards as the TD Sequential has flashed buy signals on the monthly, weekly, 3-day, and daily charts, highlighting the rarity of seeing this kind of alignment across so many timeframes at once.
Ali highlighted a major support level for Dogecoin at $0.056. A rebound toward $0.16 is possible, with the top of the channel near $0.45 as the broader upside target if the price recovers.
Traders watch key indicators
This week, traders look ahead to the Federal Reserve's latest interest rate decision, due Wednesday. Consensus forecasts indicate the rate-setting Federal Open Market Committee will hold interest rates at 3.75%.
Investors are also keeping an eye on a slew of other economic data releases expected this week. These include June's core PCE price index and the latest quarterly GDP print.
The Ethereum/Bitcoin ratio has increased to 0.03, the highest since late April, according to data source TradingView. The ETH/BTC pair has risen above its 200-day simple moving average for the first time since January and has gained over 20% since the sell-off subsided on June 6. Some analysts suggest that the current Ethereum outperformance could be a sign of an imminent altcoin boom.
Dogecoin stands to benefit from a potential altcoin boom, with traders eyeing a respite after months of selling which pulled it to multi-year lows.
Dan Burgin
U.Today Editorial Team
