Dogecoin is trading at $0.1053 at press time, clinging to support levels not seen since October's market-wide liquidation event. The meme coin faces mounting technical pressure as multiple bearish signals converge on weekly charts.
On October 10, cryptocurrency markets experienced a brutal selloff. Over $40 billion in margin positions were liquidated. DOGE plummeted to $0.0995 during that cascade. The current price sits barely above that floor.
Market technicians are now tracking an unusual pattern. Two moving averages are preparing to cross below a critical long-term indicator. This double death cross formation could signal extended weakness ahead.
Technical Indicators Point to Danger Zone
The 23-week simple moving average currently stands at $0.17215. The 50-week simple moving average sits at $0.18505. Both are declining toward the 200-week exponential moving average, positioned at $0.15322.
These three trend lines are converging. Chart analysis suggests the crossover could occur within weeks, possibly before March. The clustering of these indicators creates a danger zone, as traders call it.
Historical data from previous meme coin cycles shows single death crosses typically precede 15-30% declines. A double configuration this close to multi-month lows amplifies the risk substantially.
The $0.09-$0.11 range represents the next major support band. Many analysts question whether this level can hold without significant buying pressure. Bulls need to reclaim $0.153 to invalidate the bearish setup.
Volume and Whale Activity Remain Critical
Trading volume has not shown the strength needed to reverse the downtrend. Sustained accumulation from large holders appears absent. The market lacks the catalyst required to break the current pattern.
Large purchases have previously disrupted technical setups in DOGE markets. No evidence of such activity has emerged yet.
DOGE has weathered significant volatility since its 2021 peak. The token gained popularity through social media promotion and celebrity endorsements. Recent price action suggests that momentum has faded considerably.
