Dogecoin (DOGE) Forms Hourly Golden Cross, Will Momentum Hold?

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Dogecoin, the dog-themed cryptocurrency, is experiencing a rebound, mirroring a broader market upswing in the early hours of Saturday. At the time of writing, Dogecoin is up 6% in the last 24 hours, trading at $0.166, continuing its recovery from Friday's trading session.

This rebound coincides with a "golden cross" signal forming on its hourly chart. A golden cross, indicating potentially strengthening upward momentum, occurs when a shorter-term moving average surpasses a longer-term one. In Dogecoin's case, the hourly SMA 50 crossed above the SMA 200.

While golden crosses on daily or weekly charts generally hold more significance, this hourly pattern is noteworthy given Dogecoin's recent price stagnation.

Will the upward momentum persist?

The hourly chart's optimistic signal contrasts with a more cautious outlook presented by the daily chart. A "death cross" – where the 50-day moving average falls below the 200-day moving average – appeared in mid-March, typically considered a bearish indicator.

Since this bearish signal, Dogecoin has consolidated between $0.129 and $0.205, suggesting market indecision with neither buyers nor sellers decisively dominating.

The coming days will be crucial in determining Dogecoin's next move. Resistance levels are anticipated at the daily SMA 50 ($0.181) and SMA 200 ($0.257). A sustained break above these levels could initiate a new uptrend. Conversely, support is expected around $0.142 and $0.129 if profit-taking emerges.

This week saw positive developments for Dogecoin, including the release of Libdogecoin version 0.1.4, a foundational C library aiming to simplify Dogecoin integration into various applications. Furthermore, 21Shares, in collaboration with House of Doge, launched a Dogecoin ETP, which will be listed on the SIX Swiss Exchange. Read the original article on U.Today