Dogecoin has completed a golden cross on its hourly charts, but the timing of the formation has traders watching closely for what comes next.
The MA 50 rose above the MA 200 on the hourly chart, completing a golden cross. This signal arrives as the broader market faces fresh selling pressure, with Dogecoin itself trading in the red on a daily basis. The crypto market extended losses on Thursday, following Bitcoin’s climb to a monthly high of $65,500 on Wednesday, which prompted some traders to take profits. Investors are now eyeing retail sales data and jobless claims for further clues on the economy’s health.
Two Levels in Focus
Dogecoin spiked to $0.075 on Tuesday but has since pulled back. At the time of reporting, DOGE was down 1.45% in the last 24 hours to $0.072, though it still holds a weekly gain of 0.62%, according to CoinMarketCap.
The Relative Strength Index (RSI) remains below 50 on most timeframes. On the hourly chart, the RSI sits at 37, a bearish reading that suggests bears hold a slight edge.
With these mixed signals, Dogecoin price could move in either direction. Two critical levels are in focus: resistance at $0.081 and support at $0.069.
Altcoin Season Indicator Drops
CoinMarketCap’s “Altcoin Season” indicator stays range-bound, currently at 48 out of 100. This marks a decline from 58 on Monday, as investor attention shifts back to Bitcoin.
Traders are also watching for a potential death cross on the weekly chart, which could appear in the coming weeks. The last weekly death cross happened in February 2023, and market participants are now watching to see if history might repeat itself.
House of Doge Announces Board
In recent developments, the Dogecoin Foundation’s official corporate arm, House of Doge, has announced its Board of Directors. The board includes leaders from institutional asset management, global consumer operations, and the digital asset industry. This move could signal growing institutional interest in the meme coin’s ecosystem.
