Dogecoin Nears 'Death Cross'... Possibility of Further Decline?

# Dogecoin Approaching Death Cross as Decline Continues New York - Jang Dosun, Correspondent: Dogecoin, having fallen significantly from its peak, is poised to form a bearish indicator known as the "death cross" on its daily chart. According to CoinDesk on the 13th (local time), Dogecoin's 50-day Simple Moving Average (SMA) is nearing a downward crossover with its 200-day SMA, increasing the likelihood of a death cross. This crossover suggests that short-term price momentum is weakening relative to long-term momentum. Moving average crossovers are among the technical signals closely watched by trend-following investors. Therefore, confirmation of a death cross could trigger additional selling pressure. However, it is important to note that long-term moving average crossovers are lagging indicators based on historical data. As such, the death cross typically reflects already occurring bearish sentiment and has limited predictive power regarding future price movements. Historical instances with Bitcoin and Ethereum have shown mixed price reactions post death cross formation. Dogecoin has declined approximately 65% from its peak of over 48 cents last December. As of 11:15 a.m. on the 13th, New York time, Dogecoin was trading at $0.1673 on CoinMarketCap, up 0.46% from 24 hours earlier.