Dogecoin's price has significantly declined in recent months, with forecasts suggesting this trend might continue due to the approaching death cross pattern.
Current State of Dogecoin
Dogecoin reached a low of $0.019 on Sunday, marking its lowest level since November 7 last year. It has plunged by over 60% from its level in November.
Factors Affecting the Decline
The decline of Dogecoin mirrors the overall drop in prices for meme coins like Shiba Inu and Pepe. In addition, pressure on Elon Musk, a significant backer of Dogecoin, has also contributed. Musk's net worth has fallen by $103 billion this year. He came under spotlight after a tense discussion with Donald Trump and cabinet officials.
DOGE Price Chart Analysis
The Dogecoin chart continues to show a strong downtrend. A death cross pattern is expected to form soon, which could prompt further price declines. A similar event in July 2024 led to a 40% drop. Current technical indicators, including MACD and the Relative Strength Index, point to growing seller pressure.
From a technical analysis standpoint, the potential for further Dogecoin price declines is significant. Investors remain cautious as key support levels and patterns suggest possible additional losses.
