Major meme cryptocurrency Dogecoin (DOGE) may see its price dropping in the near future. At least at such a possibility signal early signs of a death cross on its price chart.
Dogecoin (CRYPTO: DOGE) price may drop to as low as $0.18 if a death cross forms on its price chart, a technical indicator that usually heralds a bearish trend.
What Happened: A death cross occurs when a short-term moving average crosses below a long-term moving average. In DOGE's case, its 23-day moving average and 200-day moving average are set to cross each other.
The last time a death cross formed on DOGE's price chart was in May 2022, following which the meme coin dropped to as low as $0.13 by June.
If a death cross does form on DOGE's price chart again, the coin may find support at the pre-November 2022 pump levels.
DOGE price dropped to as low as $0.13 in May 2022 after a death cross formed on its price chart. DOGE price may drop again to these levels if another death cross forms.
DOGE traders are advised to watch out for more technical indicators and market conditions before making trading decisions.
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