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Dog-themed cryptocurrency Dogecoin is seeing a rebound as the broader crypto market traded in the green in the early Saturday session. At the time of writing, Dogecoin was up 6% in the last 24 hours to $0.166, extending its recovery from Friday's session.
Godfrey BenjaminDogecoin has formed a "golden cross" signal on its hourly chart in the early Saturday session, coinciding with the rebound. A golden cross occurs when a short-term moving average crosses over a longer-term one, signaling that upward momentum might be strengthening. In the case of Dogecoin, this crossover happened on the hourly chart, with the hourly SMA 50 rising above the SMA 200.
While golden crosses on higher time frames (such as daily or weekly) tend to carry more weight, the hourly pattern is still significant, considering Dogecoin's sluggish price activity in recent weeks.
Will momentum hold?
While the hourly chart suggests an optimistic trend, Dogecoin's daily chart shows a more cautious picture. A death cross appeared on Dogecoin's daily chart in mid-March, when the 50-day moving average fell below the 200-day moving average, which is typically interpreted as a bearish signal.
Since the emergence of this bearish signal, Dogecoin has largely consolidated in a range of $0.129 to $0.205, indicating market hesitation, favoring neither bulls nor bears.
In the coming days, eyes will be on Dogecoin to see if it will make a decisive move. On the upside, resistance lies at the daily SMA 50 and 200 at $0.181 and $0.257, respectively. A sustained breakout would kickstart a fresh uptrend for the Dogecoin price. Meanwhile, support is envisaged at $0.142 and $0.129 in the event of profit-taking.
Tomiwabold OlajideDogecoin took a significant step forward this week with the release of Libdogecoin version 0.1.4, a foundational C library designed to simplify the integration of Dogecoin into various applications. In the week as well, 21Shares launched a Dogecoin ETP in collaboration with House of Doge, which will be listed on the SIX Swiss Exchange.
Vladislav Sopov
Dan Burgin