Dogecoin completed a rare technical move as its 50-hour moving average crossed above the 200-hour moving average, signaling a short-term golden cross on the hourly chart. This pattern emerged following a three-day rally from Friday through Sunday, marking a notable uptick in the meme coin's momentum.
The cryptocurrency started its climb from $0.068 on July 24, gaining strength over the weekend alongside a broader surge in meme coins. At its peak on Sunday, Dogecoin surged up to 6%, surprising many in the market before giving back some gains it was down 0.93% to $0.072 in the latest 24-hour period.
Multiple Timeframe Signal Alignments Hint at Upside
Crypto analyst Ali pointed out that Dogecoin's bullish outlook is further supported by buy signals from the TD Sequential indicator, which has flipped positive across monthly, weekly, three-day, and daily charts. Such a convergence is quite rare and suggests a potential trend reversal.
For investors, the critical support sits at $0.056, while a bounce back toward $0.16 is conceivable. Should the recovery maintain strength, the upper target could reach as high as $0.45, aligning with the top of the current price channel.
Market watchers will also be monitoring upcoming economic events this week, including the Federal Reserve's interest rate decision expected on Wednesday. Analysts anticipate rates to hold steady at 3.75%, a factor that might sway crypto market behavior. Other data points such as June’s core PCE price index and quarterly GDP results are also on the radar.
This content is for informational purposes and is not financial advice.
