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A death cross, a significant bearish signal potentially threatening Dogecoin's price momentum, has formed. This technical pattern, occurring when the 50-day moving average crosses below the 200-day moving average, often precedes prolonged downward pressure. Given Dogecoin's current struggles and market conditions, this development raises concerns about further losses.

DOGE has been steadily declining, breaking below several key support levels after failing to sustain any substantial bullish momentum. Following a recent rejection at $0.20, the asset moved towards the crucial $0.14 support. The death cross makes a near-term recovery seem unlikely. DOGE/USDT Chart by TradingView

Adding to the pessimistic outlook, Dogecoin's trading volume lacks significant upward swings, indicating a lack of buyer intervention to counter selling pressure. A major reversal typically requires a surge in buying activity, which hasn't occurred recently. If DOGE fails to hold above $0.14, the next likely support is $0.12, a level unseen in months. A break below this could trigger a sharper decline, potentially retesting the psychological $0.10 level. Before any significant recovery can be considered, DOGE needs to reclaim resistance at $0.18 and $0.20. Currently, Dogecoin remains in a precarious position, its future hinging on whether buyers can reverse the growing bearish sentiment.

The death cross reinforces the downward trend, making a return to previous highs challenging in the near term without a substantial shift in market sentiment.

Solana Faces Declines

Solana, mirroring the broader cryptocurrency market, has also faced recent difficulties. Similar to Dogecoin, SOL recently confirmed a death cross pattern – a strong bearish signal suggesting potential future declines.

This technical formation, where the 200-day moving average crosses below the 50-day moving average, historically indicates the beginning of long-term downtrends across various markets. Solana appears to be following this pattern.

SOL's price action reveals struggles to find strong support in recent weeks, reflecting overall market weakness. The breakdown below the crucial $150 level significantly undermined the bullish momentum accumulated over the past year.

The confirmed death cross contributes to a more pessimistic market sentiment, hindering any significant recovery. The parallel with Dogecoin's situation paints an even more concerning picture. Like DOGE, SOL exhibits a series of lower highs and lows, suggesting bears are firmly in control.

With the death cross confirmed, SOL's recovery prospects seem dim. The coming weeks will determine whether Solana can regain lost ground or face further declines, prompting caution and close market monitoring for investors.

XRP Shows Resilience

XRP demonstrates resilience amidst its recovery efforts. Having rebounded from crucial support around $2.10, XRP has been steadily regaining ground. While the sustainability of this price action remains uncertain, bullish momentum appears to be building. A persistent descending channel pattern, however, continues to hinder XRP's breakout attempts.

XRP currently trades above $2.30, a significant improvement from its recent lows. The true test lies at the $2.57 resistance level; a break above could propel it towards $3.00, confirming a stronger recovery. Encouragingly, XRP's price action is accompanied by consistently decreasing bearish volume, offering increased opportunities for buyer intervention as selling pressure eases.

The Relative Strength Index (RSI) also shows short-term strengthening, recovering from oversold levels. Despite these positive developments, XRP's future remains uncertain. Failure to break the $2.57 resistance could trigger a pullback; the next key support zone lies between $2.20 and $2.10. A fall below this level could retest the $1.86 support, potentially erasing recent gains.

XRP's next move depends on the bulls' ability to maintain dominance and push prices higher. Sustained buying pressure could lead to a full reversal, targeting $3.00. Conversely, a lack of momentum might result in further consolidation, temporarily keeping the asset within its current channel. Read original article on U.Today