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Dogecoin has created a death cross on its short-term charts amid recent selling pressure in the market. Dogecoin saw selling pressure heading into the weekend, falling from a high of $0.2889 on Thursday to a low of $0.2631 on Saturday.
Amid the recent price drop, Dogecoin has created a death cross on the hourly chart, which forms when a short-term MA falls below a long-term moving average, considered a bearish indication.
At the time of writing, DOGE was up 0.6% in the last 24 hours to $0.267 and down 5.46% weekly.
Dogecoin returned below its hourly moving averages 50 and 200 at $0.267 and $0.274, following a drop from Sept. 19.
It will be watched for a return above these key levels in the very short term for a rise to $0.288 and $0.307.
According to Ali, a crypto analyst, breaking $0.29 might send Dogecoin (DOGE) flying to $0.36 and even $0.45. Support remains at $0.2568 in the event of a drop.
Dogecoin news
Grayscale recently filed an amended S-1 to convert its closed-end DOGE trust into an ETF to trade on NYSE Arca under ticker GDOG.
In the past week, DOJE, the first ETF offering exposure to spot DOGE in the U.S, issued by digital asset manager Rex Osprey, was launched.
DOJE got off to a good start, reporting $17 million in over 24 hours of its launch. According to Bloomberg ETF analyst Eric Balchunas, this would still rank among the top five for the year out of 710 launches and a good sign for the onslaught of 33 Act ETFs coming soon.
Earlier this week, Dogecoin treasury company Cleancore Solutions added 100 million DOGE, bringing its official treasury to over 600 million DOGE.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team