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Dogecoin’s price has been taking a tumble lately, with a rapid fall of nearly 18% over the past month, causing concerns among investors. As of June 16th, DOGE is trading below its long-term averages and flashing a pattern known to many traders as a “death cross” – typically seen as a red flag for more downside pain ahead.
As of today, the meme coin has dropped from roughly $0.20 to under $0.17. It currently hovers around $0.16, just above a crucial support level at $0.13, which was last spotted in early April. If this support zone is breached, it could lead to another decline of approximately 20% from the current levels and potentially test the $0.12 area.
A closer look at the weekly chart reveals that the 23-day moving average has now fallen below the 50-week moving average, a phenomenon known as a death cross. While not uncommon, this indicator still holds some weight, particularly for assets like DOGE driven by sentiment.
Source: u.today
