Dogecoin Faces Death Cross on Hourly Chart, But There's a Catch

Dogecoin (DOGE) Price Under Pressure: Death Cross Forms on Hourly Chart

Dogecoin, the prominent meme cryptocurrency, is experiencing price weakness. Technical analysis reveals the formation of a death cross on the hourly chart, a bearish signal suggesting short-term momentum is weakening relative to long-term trends.

This development may prompt traders to liquidate long positions, potentially increasing selling pressure and driving DOGE's price lower. At the time of writing, DOGE traded at $0.1742, a 5.57% decrease over the past 24 hours. After reaching a low of $0.1703, the price experienced a slight rebound.

This minor recovery offers some hope to holders. Importantly, the death cross is not yet fully formed on the daily chart, suggesting a potential reversal despite the negative hourly signal. Previous：Without Next：Without