Dogecoin (DOGE): Pre-Death Cross Signal Looms

Cover image via U.Today

Dogecoin stands at a critical juncture, facing bearish indicators that suggest further price declines. The lack of strong buying pressure indicates a less-than-likely rapid recovery, contrary to some expectations. However, the situation isn't entirely bleak.

Recent price action, characterized by lower highs and weaker rebounds, shows a persistent downtrend since its peak above $0.40. Dogecoin is currently battling to hold above key support levels, with $0.19 acting as a crucial threshold.

Confirmation of this death cross could lead to an extended period of bearishness and further declines towards lower support levels.

Dogecoin's prospects? While a reversal is still possible, the impending death cross significantly increases the risk. Technical indicators suggest Dogecoin may face further downward pressure in the coming weeks unless bulls swiftly reclaim higher resistance levels. Traders should closely monitor the crossing of the 50-day and 100-day EMAs, as it could significantly impact DOGE's immediate future. Read the original article on U.Today