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Dogecoin has recently completed its first bearish crossover in August, forming a death cross pattern on its four-hour chart. This signal is generally regarded as an indication of declining momentum and potential further downward movement.
In the context of Dogecoin, the short-term 50-period moving average has dropped below the long-term 200-period moving average, indicating that short-term selling pressure outweighs demand. As a result, DOGE has been under pressure in recent weeks, unable to maintain upward momentum amid a broader market sell-off driven by macroeconomic concerns.
DOGE fell from a high of $0.287 on July 21 to a low of $0.1888 on August 3, starting the month on an unsteady footing. At present, DOGE is trading at $0.2013, up 1.15% in the preceding 24 hours. Despite a modest recovery, DOGE’s price remains trapped between its daily SMA 50 and 200 at $0.196 and $0.203, respectively, and below four-hour simple moving averages.
What’s coming?
As the death cross pattern is considered to be an indication of declining momentum and potential further downward movement, it is crucial for Dogecoin investors to monitor market sentiment closely as DOGE faces both a short-term decline and long-term uncertainty.
Source: u.today
