Dogecoin Faces Death Cross Amid Short-Term Price Decline

Key Insights

Dogecoin has formed a death cross on its hourly chart, indicating potential bearish trends for the cryptocurrency.

A break above $0.29 could trigger a rally towards $0.36 or $0.45, according to expert analysis.

Grayscale’s filing for a DOGE ETF and Cleancore’s treasury expansion signal long-term bullish sentiment for Dogecoin.

Dogecoin (DOGE) has experienced a notable decline in recent market activity, as a death cross has appeared on its short-term charts, signaling bearish sentiment. This technical pattern forms when a short-term moving average (MA) falls below a longer-term moving average, often marking a potential shift in the market’s direction. Dogecoin’s price has been under selling pressure, dipping from a high of $0.2889 on Thursday to a low of $0.2631 by Saturday.

At the time of writing, DOGE had seen a minor recovery, rising by 0.6% in the past 24 hours to settle at $0.267. However, it remains down 5.46% weekly. The cryptocurrency continues to trade below significant resistance levels, with the 50-hour and 200-hour moving averages positioned at $0.267 and $0.274, respectively. If Dogecoin manages to break these levels, it could make a push toward higher price points, including $0.288 and $0.307. A break above $0.29, according to crypto analyst Ali, could potentially see Dogecoin soar to $0.36 and $0.45.

Market Sentiment and Support Levels

Dogecoin’s current market sentiment is largely driven by the recent downward momentum. Despite the price dip, the asset has found support at $0.2568. This level is critical for preventing further declines, and traders will be closely watching whether Dogecoin can stabilize above this price in the coming days.

Source: TradingView

Amid the short-term volatility, there’s positive news for Dogecoin in the long run. Grayscale recently filed an amended S-1 to convert its DOGE trust into an exchange-traded fund (ETF) to be listed on the NYSE Arca under the ticker symbol GDOG. This follows the successful launch of DOJE, a new ETF offering U.S. investors exposure to spot Dogecoin. In the first 24 hours of its launch, DOJE reported $17 million in inflows, signaling strong interest in Dogecoin-related financial products.

Additionally, Cleancore Solutions, a company managing Dogecoin’s treasury, has added another 100 million DOGE to its holdings, bringing the total to over 600 million DOGE. This addition further highlights growing institutional interest in cryptocurrency despite the short-term market fluctuations.

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