Dogecoin (DOGE) Faces Death Cross

Cover image via U.Today

Major meme cryptocurrency Dogecoin (DOGE) may experience a dip in price in the near future. Early signs on its price chart suggest the possibility of a death cross.

A death cross occurs when a short-term moving average crosses below a long-term moving average. In DOGE's case, its 23-day and 200-day moving averages are nearing a crossover.

If this scenario unfolds, DOGE's price could fall to as low as $0.18, where it finds a support level. This would result in a 26% decline from its current price.

However, a more severe scenario could see Dogecoin retest its pre-November pump levels around $0.13. This would represent a 40% price drop from recent levels and a 72% decline from local peaks. Source: TradingView

Interestingly, the market may have already factored in the death cross, and its appearance could mark the bottom for Dogecoin. It could be a trap for bears, leading to price stabilization or a bounce after the crossover.

This is a complex situation, and traders should consider multiple indicators before making decisions.

Despite the saturation in the meme coin market, Dogecoin remains the most hyped and likely has the potential for another surge in popularity.

Speculation suggests that the SpaceX mission to the Moon could potentially contribute to this resurgence.