February 17, 2025 at 18:00 Dogecoin latest price

(24-hour Dogecoin price trend)

Dogecoin Dips Amidst Bearish Signals, Can DOGE Price Plunge 44% in a Death Cross Pattern?

As of February 17, 2025, 6:00 PM UTC, Dogecoin (DOGE) trades at $0.26521375875333, witnessing a 24-hour trading volume of $1084100580.0938. The meme coin has registered a decline of -1.94852644% in the past day.

Dogecoin's current circulating supply stands at 148081666383.71. Its maximum supply is not specified, while the total supply amounts to 148081666383.71. With these values, the circulating market cap for DOGE is calculated to be $39273295344.08.

Technical Analysis

The recent price action for Dogecoin paints a concerning picture. The token has formed a "death cross," a technical pattern that occurs when the 50-day moving average (MA) crosses below the 200-day MA. This pattern often signals a bearish trend in the upcoming period.

If DOGE continues to follow this pattern, it could potentially plunge by 44% to reach a support level of $0.15. Such a decline would significantly hurt Dogecoin's recovery prospects. However, it's important to note that technical analysis alone cannot predict the future, and market conditions can change rapidly.

Industry News

The wider cryptocurrency market has witnessed positive developments that could indirectly benefit DOGE.

• Increased Demand for Litecoin (LTC): Litecoin, a similar proof-of-work coin to DOGE, has experienced a surge in demand recently due to the hype surrounding DOGE and XRP exchange-traded funds (ETFs). This demand surge has translated into increased trading volume for LTC, suggesting that whales are accumulating the token.
• Ethereum's Shanghai Upgrade: The highly anticipated Shanghai upgrade for Ethereum is set to go live soon, potentially reigniting interest in the blockchain and its native token, ETH. As Ethereum's popularity and usage rise, altcoins like DOGE may also benefit from renewed attention.

Conclusion

While Dogecoin faces near-term challenges from the death cross pattern, the broader cryptocurrency market trends could offer some respite. The surge in demand for Litecoin and the upcoming Ethereum upgrade may provide a positive catalyst for DOGE. However, traders should exercise caution and monitor the token's price action closely to mitigate potential risks associated with the death cross.