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Dogecoin Confirms Death Cross Formation on 3-Hour Chart
The price of DOGE has plummeted by a staggering 16.85% in the past seven days and 3% over the last 24 hours, further fueling the turmoil that dominates the cryptocurrency market. As the downward trend continues to ravage the meme coin’s value, Dogecoin has formed a death cross on its three-hour chart, indicating a bearish momentum.
The data suggests that a death cross has fully developed on DOGE’s three-hour chart and will likely signal further weakening in prices. This could lead to investors who had bet long on DOGE rushing to close their positions to mitigate losses. Furthermore, this trend might spark selling pressure within the Dogecoin ecosystem, potentially resulting in additional price drops if support levels fail.
At the time of writing, the cryptocurrency is trading at $0.1985, which marks a 3.27% decline over the last day. The trading volume has also decreased significantly, standing at a paltry $2.75 billion or approximately 0.65%.
Source: u.today
