Dogecoin Death Cross: Stagnant Price Action Ahead?

Dogecoin has completed its first death cross since August began, with the 50-day moving average falling below the 200-day moving average on the hourly chart. This technical indicator historically precedes stagnant price action for the dog-themed cryptocurrency.

The price drop follows a weekly death cross in late July, which also preceded stagnant price action. Since August 3, Dogecoin has fallen as momentum slowed down.

Dogecoin is currently trading at $0.068, down 1.78% in the last 24 hours and 2.03% for the week. A test of the $0.068 support level will be closely watched as price drops, with resistance in the $0.073 to $0.08 range.

Ali, a crypto analyst, reported that weekly active DOGE addresses jumped 16%, from 38,000 to 44,000, indicating a sharp increase in on-chain activity.