{"44c35b8b73fb014aab53f2c954db3a99":"Dogecoin\u2019s price is stuck in a bear market after plunging by over 36% from its year-to-date high, and two emerging patterns point to a strong breakdown as demand wanes. ","c92433d19f8640190e2b7bbd34046308":" Summary ","72e4c7897cc4e57f308c53fc2db589f0":" Dogecoin price could be on the verge of a strong bearish breakout. ","0861f9006383dea1fd77e4649b3c2952":" The coin has formed a bearish pennant pattern on the daily chart. ","20d9a9afd653f55ba03ccf61e88800b6":" It is also about to form the risky death cross pattern on the daily timeframe. ","13474688d6bad1d3b7859e538142fd7f":"Dogecoin price forms two risky patterns ","d543ce803f085adf18db78312f773014":"The daily chart shows that the Dogecoin (DOGE) price has been in a downtrend this month. This crash may continue as a death cross pattern nears, with the spread between the 50-day and 200-day Weighted Moving Averages narrowing.","e47a63846ed420ce80ff0e5a360e52db":"The last time that the DOGE price formed this risky pattern was in February this year, and the coin dropped by 50% after that. ","6be22902394d318f6ab4cec84afca37a":"The Dogecoin price is also forming a bearish pennant pattern, characterized by a vertical line and a symmetrical triangle. The two lines of this triangle are now nearing their confluence levels, where bearish breakouts usually happen. ","8c82b3b2d3918957be5da625a515f4fb":" You might also like: SOL price eyes comeback as Staking Solana ETF inflows jump ","c9940c92ed0ce92aa14f776157e96f04":"DOGE\u2019s price remains below the Supertrend indicator, indicating that bears are in control. Therefore, the most likely scenario is a strong bearish breakout, potentially to this month\u2019s low of $0.1493, which is ~25% below the current level. ","38abdd0aa8347db63e7f1376d1c661ac":" Dogecoin price chart | Source: crypto.news","71c69c07a406e9b025aade0d05b8eefa":"DOGE demand is waning ","b6e39bdb59cdff7595549153952ddf6a":"One potential reason why the Dogecoin price may crash soon is that the demand is waning. A good example of this is in the futures market where the futures open interest has tumbled. ","1c684f2604070ff6151556c62d48d637":"Data compiled by CoinGlass shows that its futures open interest has crashed below $2 billion since October 10 this year. Before that, the interest was consistently above $4 billion, as demand remained elevated.","80774ae464b702aa537b416f9e04b55d":"The same trend has happened in the spot market, where the daily volume tumbled to $2.7 billion on Oct. 26, down from this month\u2019s high of $20.45 billion. ","efc1b0af36d1d23ff9c32d84f1815811":"Meanwhile, the recently launched REX-Osprey DOGE ETF has lost traction, with no inflows over the past few days. Its assets under management have remained at $32 million in the past few weeks. ","51d430b76b191c046dbc41744c2e5177":"In contrast, the REX-Osprey XRP ETF has already crossed the $100 million milestone. The two funds were launched on the same day.","9657f0cd9ab2443d4d3b10e7b130dabe":"There are concerns that the Dogecoin price lacks a clear catalyst beyond the potential approval of additional ETFs by the SEC.","79d182b20136a391dff5b231d54b63a8":" Read more: Shiba Inu price may nosedive as key Shibarium metrics plunge "}