Dog-themed cryptocurrency Dogecoin (DOGE) has staged a rebound

Dog-themed cryptocurrency Dogecoin (DOGE) has staged a rebound after a weekend drop. At press time, DOGE was up 3.18%

Dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) staged a rebound on Monday after slipping over the weekend.

What Happened: As of press time, Dogecoin was up 3.18% in the last 24 hours to $0.2266 and further up 4.54% weekly.

On Sunday, Dogecoin formed a "death cross" - a technical pattern where the short-term moving average (typically the 50 SMA) crosses below the long-term moving average (usually the 200 SMA) on its hourly chart. The pattern is often seen as a sign of potential downward pressure.

The signal briefly rattled sentiment as DOGE slipped to a low of $0.215 in Sunday's session, also capping a three-day losing streak.

However, it was not down for long. DOGE recovered from this low, indicating that buyers are still stepping in at key support levels, reducing fears of an extended drop.

While the death cross on the hourly chart suggests short-term caution, Dogecoin is rebounding alongside the rest of the crypto market amid broader relief in global risk markets, with U.S. and European equity futures up more than 1%.

What's Next For Dogecoin's Price: Dogecoin turned down from the $0.254 high on May 23, following days of gains, indicating profit taking, with bears also strongly defending the level.

The $0.21 level remains an important support to watch out for. The solid bounce off the $0.215 level on May 25 indicates positive sentiment, which increases the likelihood of a retest of $0.26. If that happens, Dogecoin might reach $0.35. There is resistance at $0.29, but it is likely to be overcome.

This positive outlook will be invalidated in the short term if the Dogecoin price turns down and breaks below $01. That suggests possible range-bound action between $0.14 and $0.26. Dogecoin is locked between its daily SMA 50 and 200 at $0.189 and $0.271.

Market analysts are also pointing to the formation of a bullish "bull flag" pattern, with some projecting targets as high as $0.65.