Dogecoin has formed a short-term golden cross on an hourly basis, creating a near-term rebound signal.

On July 27, blockchain outlet U.Today reported that Dogecoin’s 50-day moving average broke above its 200-day moving average.

The signal came after a weekend rally. Dogecoin began rebounding from a low of $0.068 on July 24 and rose for three consecutive sessions over the weekend as buying spread across meme coins. It was up as much as 6 percent at one point on July 27, but gave back most of the gains and traded at around $0.072, down 0.93 percent over the past 24 hours.

The market is also looking at the possibility of a medium-term rebound alongside the short-term technical signal. Crypto analyst Ali said the TD Sequential indicator flashed buy signals on monthly, weekly, three-day and daily charts. He noted that such alignment across multiple timeframes is rare.

In price terms, $0.056 was presented as a key support level. Ali said Dogecoin could rebound to $0.16 if it holds that level. A broader upside target of $0.45, the top of the channel, was also mentioned. Such scenarios, however, assume a price recovery.

Macro factors also hang over near-term price moves. Market participants are watching the U.S. Federal Reserve’s interest rate decision due this week. The Federal Open Market Committee is set to decide rates on July 30, and the market is leaning toward holding the benchmark rate. June core personal consumption expenditures price index data and the latest quarterly gross domestic product figures are also in focus.

Broader moves in altcoins are also emerging as a factor that could affect Dogecoin. Based on TradingView data, the Bitcoin-to-Ethereum ratio rose to 0.03, the highest since late April. The ETH/BTC pair moved above its 200-day simple moving average for the first time since January and has climbed more than 20 percent since selling pressure eased on June 6. Some analysts see Ethereum’s relative strength as a possible precursor to an altcoin bull market.

If the trend continues, Dogecoin could also be among the beneficiaries. After months of selling pressure pushed Dogecoin down to multi-year lows, the market is watching whether the technical signal leads to a short-term rebound and whether support at $0.056 holds.