Dogecoin (DOGE) is catching the eye of traders as it forms an hourly golden cross on its chart, signaling potential bullish momentum. The Shiba Inu dog logo, saw a 6% rise in its price over the last 24 hours, trading at around $0.166 as of Saturday, April 12, 2025. This rebound comes after a sluggish price movement in recent weeks, which had left Dogecoin’s price within a narrow trading range. The formation of a golden cross, particularly on the hourly chart, is raising hopes for a short-term price surge.

A golden cross occurs when a short-term moving average, such as the 50-period Simple Moving Average (SMA), crosses above a longer-term moving average, like the 200-period SMA. Traders often interpret this as a signal that the asset is entering an uptrend, as it suggests that short-term price momentum is outweighing longer-term resistance. While golden crosses on higher timeframes—like daily or weekly charts—are considered more significant, even a pattern on the hourly chart can hold weight for assets like Dogecoin that are prone to short-term fluctuations.

However, despite the golden cross on the hourly chart, Dogecoin faces a more cautious outlook on its daily chart. Back in mid-March, a “death cross” formed on Dogecoin’s daily chart, when the 50-day SMA fell below the 200-day SMA. This signal is often seen as a bearish indication, suggesting that downward pressure could persist. Since then, Dogecoin has traded in a tight range between $0.129 and $0.205, showing that the market has not yet decided on a clear direction for the token.

The key question for traders now is whether Dogecoin can hold onto its recent momentum and break through critical resistance levels. On the upside, the 50-day and 200-day SMAs on the daily chart are the major resistance points, positioned at $0.181 and $0.257, respectively. If Dogecoin manages to sustain its upward movement and break through these resistance levels, it could signal the start of a fresh uptrend for the cryptocurrency. This would likely attract more bullish sentiment and could push the price higher in the coming days.

On the flip side, if the bullish momentum fades and profit-taking takes hold, support levels at $0.142 and $0.129 may come into play. These support levels have already been tested in recent weeks and could provide a floor for the price, preventing it from falling too far.

Additionally, there have been some positive developments in the Dogecoin ecosystem. The recent release of Libdogecoin version 0.1.4 is a significant step forward for the cryptocurrency. This new version of the foundational C library makes it easier for developers to integrate Dogecoin into various applications, potentially expanding its use case. Furthermore, 21Shares has introduced a Dogecoin Exchange-Traded Product (ETP) in collaboration with House of Doge, which will be listed on the SIX Swiss Exchange. These initiatives show that there is ongoing interest in Dogecoin from both developers and institutional investors, which could support its price in the long term.

In conclusion, while the formation of a golden cross on the hourly chart suggests potential for further price increases, Dogecoin must first break through key resistance levels to establish a sustained upward trend. Traders will be watching closely to see if the cryptocurrency can maintain its momentum and build on recent positive developments. As always, market conditions and external factors will play a significant role in determining whether Dogecoin can continue its recovery or experience a pullback in the short term.