Sudden Death Cross Hits Dogecoin Amid 23% Price Drop: Details

Dogecoin has been hit with sudden death cross signals on its short-term charts as the crypto market saw its largest liquidation event.

Friday's crash saw crypto's worst liquidation in terms of actual volume, recording over 10 times as much dollar value liquidated as the crashes when FTX collapsed in 2022 or when global markets melted down in 2020. At a percentage level, Friday's drop seems much less significant, given that the overall crypto market has grown immensely since 2022.

Crypto's total market cap has fallen to $3.76 trillion, and in the last 24 hours, $19.36 billion has been liquidated across digital assets, according to CoinGlass data. Over $16.85 billion of the $19.36 billion in liquidations came from longs.

Adding to traders’ concerns, the government shutdown has delayed key economic data releases, adding to market uncertainty.

Dogecoin hit with sudden death cross

Dogecoin has just completed death crosses on its two- and three-hour charts, coinciding with the brutal sell-off in the crypto market.

The short-term moving average 50 MA has crossed beneath the 200 MA on the two-hour and three-hour charts, confirming a death cross, regarded as a bearish signal.

Dogecoin saw a sharp drop in Friday's session, crashing from $0.254 to a low of $0.15, building on an earlier drop in the week. The dog coin has steadily declined from a high of $0.27 on Oct. 6, marking two out of three days in red since this date, with Friday marking the third day and the largest of the drops.

Dogecoin seems not yet out of the woods, down 23% in the last 24 hours. At the time of writing, Dogecoin was trading at $0.196, down 24% weekly.

In the coming sessions, Dogecoin price action will be watched to see where it goes next, alongside broader market movements.