- Dogecoin’s critical double death cross signals a potential price collapse.
- Is $0.09 support about to break for Dogecoin soon?
- Dogecoin faces intense bearish pressure as key support levels weaken.
Dogecoin is facing a critical juncture as it struggles to maintain support above $0.107. This comes after the October 10 market crash that saw DOGE tumble to $0.0995, triggering massive $40 billion in liquidations across the crypto market. With the current price action failing to show signs of recovery, traders are growing increasingly concerned about a potential breakdown of crucial support levels.
According to recent technical analysis, Dogecoin is now confronted with a dangerous double death cross, as both the 23-week and 50-week simple moving averages (SMA) are poised to fall below the long-term 200-week exponential moving average (EMA). This bearish setup is a major red flag for market technicians, especially since the pattern is forming cleanly on the weekly chart. The 200-week EMA currently stands at $0.15322, while the 23-week and 50-week SMAs are trending at $0.17215 and $0.18505, respectively. With all three key levels converging, the pressure on Dogecoin is mounting.
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Is $0.09 Support About to Give Way?
As the double death cross nears confirmation, the risk of a major price drop has never been higher for Dogecoin. In the past, a single death cross has led to price declines of 15-30%, and with the current setup threatening a more severe sell-off, traders are increasingly questioning whether the $0.09-$0.11 support band will hold.
Source: Tradingview
The key issue is that unless Dogecoin experiences a significant bounce or surge in buying volume, the ongoing downtrend could push the coin below these crucial levels. Should the bulls fail to push Dogecoin above $0.153 in the coming weeks, it could lead to further downward momentum, driving the price even lower.
The crypto community is anxiously watching these developments, with many believing that the next few candles could set the stage for either a strong reversal or a chaotic period of volatility. If Dogecoin cannot recover soon, the chances of breaking the $0.09 support become much more likely, spelling trouble for holders and traders alike.
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