In the past 24 hours, Dogecoin has faced significant selling pressure, losing over 9% of its value. The current price stands at 0.2647, and trading volume has declined almost 18%.
Death Cross Pressure
Current market analysis indicates a looming death cross, where the 9-day simple moving average falls below the 26-day average. This trend typically suggests long-term negative momentum, warning traders.
Four-Hour Chart Signals
Recently, a golden cross was observed on the four-hour chart, which often serves as a bullish indicator. This factor could help alleviate fears surrounding the death cross and encourage buyers to re-engage in the market.
Key Support at $0.30
Investor sentiment currently hinges on the $0.30 level. Holding this position could help stabilize market momentum. However, a break below this support would increase selling pressure and prolong losses until a rebound occurs.
With ongoing changes in the market, Dogecoin faces a pivotal test. For now, the bulls' ability to defend the $0.30 level will be crucial for the future movement of this cryptocurrency.
