Dogecoin (DOGE) is facing increased bearish pressure after confirming a death cross pattern on its 3-hour chart, a technical signal that typically precedes extended downtrends. The meme coin is down over 16% in the past week and nearly 3.3% in the last 24 hours, now trading at $0.1985.
What the Death Cross Means for Dogecoin
A death cross occurs when the short-term moving average crosses below a longer-term average, often signaling a transition from bullish to bearish momentum. In Dogecoin’s case, this is being taken seriously by traders watching for further downside continuation.
The pattern reflects fading investor confidence, with long positions at risk of liquidation. Many market participants could start closing out to avoid deeper losses, adding more selling pressure.
Key Support Levels Under Threat
DOGE fell from a local high of $0.212, losing several short-term supports on the way down. The $0.20 psychological level has now been breached, raising concern among bulls that further weakness may follow.
If current levels fail to hold, the next key support sits closer to $0.1850. The RSI currently stands at 42.34, indicating that Dogecoin has not yet reached oversold territory, leaving room for additional downside before a potential technical rebound.
Can Whales or Bitcoin Recovery Save DOGE?
The recent $751 million crypto market crash accelerated the sell-off across altcoins, and Dogecoin was no exception. However, whale activity might still influence the short-term outlook. One wallet recently withdrew 200 million DOGE (worth $43M) from Robinhood—an action that some view as a bullish signal, potentially reducing sell pressure on exchanges.
Furthermore, a recovery in Bitcoin price could help lift sentiment across the altcoin market, including DOGE.
Outlook for the Coming Days
The death cross formation, combined with low trading volume and breached support levels, suggests Dogecoin may struggle to find strong footing in the near term. Traders should keep a close eye on the $0.1950–$0.1850 range for signs of stabilization—or deeper correction.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.