Dogecoin Faces 16% Weekly Drop as Death Cross Signals Bearish Momentum

Dogecoin (DOGE) has plunged nearly 17% over the past week and over 3% in the last 24 hours, reflecting growing market volatility that continues to weigh on major cryptocurrencies. The meme coin is now trading around $0.1985 after falling from an intraday high of $0.212, with daily trading volume slightly positive at $2.75 billion.

Technical indicators show a bearish setup as Dogecoin’s three-hour chart confirms a death cross pattern — where the short-term moving average drops below the long-term average. This formation typically signals extended downward momentum and could trigger more selling pressure if support levels fail to hold. The Relative Strength Index (RSI) currently sits at 42.34, suggesting further downside potential before entering oversold conditions.

Dogecoin’s price decline comes after a broader $751 million crypto market sell-off, which pushed DOGE below the key $0.20 support zone. Analysts warn that long-position holders may continue unwinding to prevent deeper losses, potentially intensifying bearish sentiment.

However, whale activity and Bitcoin’s market trend could influence a reversal. Recently, a Dogecoin whale withdrew 200 million DOGE — valued at about $43 million — from Robinhood, sparking speculation about reduced exchange supply and possible price stabilization. Additionally, any recovery in Bitcoin could provide upward momentum for Dogecoin in the near term.

As the largest meme coin faces ongoing pressure, traders are closely watching for further support tests and whale movements that could determine whether DOGE stabilizes or slides deeper into bearish territory.