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Dogecoin ($DOGE), the leading market meme coin by market cap, has seen its value drop more than 9% over the past day. With this price drawdown, a potential death cross now hangs on the horizon for $DOGE, hinting at cautious sentiment among investors.
Looming $DOGE death cross setup
As indicated by the $DOGE/USD chart from TradingView, the nine-day simple moving average is about to slip below the 26-day average. This is a classic setup for a death cross.
The recent resistance at $0.30 has further added to the bearish pressure. The $DOGE price faced rejection on good volume, and the latest red candles have had greater participation. This makes it seem like the downside was not just a coincidence.
Although support sits close by, the question remains whether buyers are prepared to step in ahead of another bearish crossover. A hold above $0.30 could stabilize things for now. However, the narrative might shift again if support falls below this level.
As of press time, $DOGE is priced at $0.2647, down 9.2% over the past 24 hours. The trading volume also decreased by over 17.9% to $6.5 billion. Dogecoin has decreasing interest, further validating the impending death cross.
Dogecoin investors still have hope
While the $DOGE price is down over the past 24 hours, it is up more than 13.5% on the weekly charts. Likewise, the price of Dogecoin has rallied 14.8% over the past month.
The weekly and monthly price surges, therefore, suggest that $DOGE is in a consolidation phase. Typically, the emergence of a bullish signal during such periods usually results in bullish price reversals.
For $DOGE, the meme coin recently confirmed a golden cross on its four-hour chart. If this trend plays out again, it would invalidate the looming death cross, demonstrating a bullish outlook.
Two key factors to help fuel a $DOGE price breakout include incoming ETFs and the accumulation of new crypto treasury companies.