Dogecoin's Bearish Signal Sparks Concern Over Downside Pressure

Dogecoin has extended its weak run after posting its first short-term death cross of August. The cryptocurrency's hourly chart showed the 50-day moving average falling below the 200-day moving average on Aug. 6, indicating a bearish signal.

The price of Dogecoin has been declining since Aug. 3 and has closed higher on only one day in August so far. As of now, it's down 1.78 percent over 24 hours to $0.068, and is down 2.03 percent on the week.

The first level market participants watch is support at $0.068. If Dogecoin fails to hold that level, additional downside pressure could grow. On the other hand, if it rebounds, resistance is seen between $0.073 and $0.08.