DOGE Death Cross Sparks Fears of Stagnant Price Action
Dogecoin has suffered its first death cross in August on its short-term charts, with the 50 MA (moving average) falling below the 200 MA on the hourly chart. This trend is a cause for concern as it historically precedes stagnant price action for Dogecoin.
Since August 3, Dogecoin's price has dropped due to slowing momentum. In fact, it marked its first weekly death cross since 2023 in late July, which also preceded stagnant price action for the coin.
The DOGE/USD hourly chart shows that so far, Dogecoin has only seen one green day since August began, with losses increasing at press time. Currently, the price is down 1.78% in the last 24 hours to $0.068 and down 2.03% weekly.
A test of the $0.068 support level will be watched as the price drops. In the event of a price rebound, resistance is in the $0.073 to $0.08 range.