- Dogecoin slides 9%, looming death cross sparks investor caution.
- Golden cross on four-hour chart offers potential bullish counterplay.
- Key $0.30 support level decides Dogecoin’s next market direction.
Dogecoin has faced heavy selling pressure after losing more than 9 percent in the past 24 hours. The top meme coin is now trading at 0.2647, and the volume of trade has also declined by almost 18% to 6.5 billion.
The market indicates a looming death cross to be formed as the 9-day simple moving average slides below the 26-day moving average. This trend tends to lead to long-term negative momentum and provides traders with a warning. The resistance at $0.30 has been hard to overcome, with rejection occurring on high volume.
Death Cross Pressure and Golden Cross Counterplay
Despite the growing fear, longer-term data show mixed signals. Dogecoin has recorded a growth of more than 13% in the weekly chart and nearly 15% in the last month. These gains point out that the coin is in a consolidation stage and not in a full downturn.
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Source: Tradingview
Moreover, the four-hour chart has recently indicated a golden cross, which is usually used as a bullish indicator. According to the trend, this will help overcome the death cross fears and motivate buyers to re-enter the market.
Key Support at $0.30 in Focus
Investor sentiment now hinges on the $0.30 level. Momentum might be stabilized by holding at this point and preventing further drops. A support break would, however, add pressure to the sell side and prolong the losses before a rebound occurs.
Dogecoin continues to enjoy a wider following, and its ETFs and treasury companies could be hoarding tokens. These factors help sustain bullish expectations despite bearish short-term indicators.
The future action of Dogecoin will be characterized by the ability of bulls to protect positions at $0.30 with the growing pressure of sellers. With a death cross looming but a golden cross signal still in play, the meme coin faces a pivotal test in the days ahead.
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