Dogecoin Faces Death Cross as Price Struggles Under Selling Pressure

Dogecoin (DOGE) has entered a critical phase on its short-term charts after forming a death cross, signaling potential downside risks. The popular meme cryptocurrency recently came under strong selling pressure, dropping from a high of $0.2889 on Thursday to a weekend low of $0.2631. At the time of writing, DOGE was trading at $0.267, up 0.6% in the last 24 hours but down 5.46% over the past week.

The hourly death cross, which occurs when a short-term moving average falls below a long-term one, is often viewed as a bearish indicator. Dogecoin’s price action reflects this trend, slipping back below both the 50 and 200 hourly moving averages at $0.267 and $0.274, respectively. A strong rebound above these levels is seen as crucial for a potential rally back to $0.288 and $0.307 in the near term.

Crypto analyst Ali noted that if Dogecoin manages to break the $0.29 resistance, it could gain strong momentum, targeting $0.36 and even $0.45. However, until this breakout happens, DOGE remains vulnerable to further downside, with immediate support resting at $0.2568.

Dogecoin’s latest technical setup highlights a tug-of-war between bullish hopes and bearish pressure. While some traders may eye opportunities if DOGE reclaims key resistance levels, caution dominates as long as the death cross pattern holds. Market participants are now closely watching whether Dogecoin can flip momentum in its favor or slide further below its support levels.

With uncertainty high, the next move for Dogecoin could determine whether it sparks a fresh rally or continues facing headwinds from bearish market signals.