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Dogecoin is down 36% from its September high as the death cross approaches and ETF inflows are blocked. Technical analysis shows that Dogecoin price will fall further in the future.  Dogecoin has experienced significant losses over the past few weeks, down 36% since its September highs. As of this writing, the popular meme coin is trading at $0.1981, compared to its previous price of $0.3066, which worries investors that they may suffer losses as a result.  Technical indicators point to further weaknessThe daily chart brings some worrying news for Dogecoin holders. The cryptocurrency has broken out of a consolidating ascending wedge pattern, a situation that typically leads to further losses. To make matters worse, the 50-day exponential moving average is about to fall below the 200-day moving average, forming a death cross. This technical trend has been observed to indicate a long-term bearish trend. Market analysts believe that the coin may retest its support level at $0.1515, which is when the cryptocurrency market entered a selling frenzy on October 10 time price . This represents a 22% decline from current levels.  Dogecoin price chart This week’s time frame presents a bleaker picture. Dogecoin has formed a bearish flag pattern, which is characterized by a vertical decline between $0.4838 and $0.1295, forming an ascending channel. Technical analysis suggests that the area where the price could break and decline is $0.0052, which would mean a 90% catastrophic drop. This scenario will become a reality if Dogecoin falls below $0.0570, which has been used as a support level since October 2023.  ETF performance fell short of market expectationsThe fundamental picture offers little relief. September launched The REX-Osprey DOGE ETF attracted just $30.7 million in assets under management. The latest trading data showed no inflows over the past few days, suggesting a drop in investor activity. The fund's performance varies widely from that of its counterpart funds. The REX-Osprey XRP ETF surpassed the 100 million asset mark, fully reflecting the difference in market sentiment between the two cryptocurrencies. There are many reasons for the lukewarm market reaction. Dogecoin ETF The expense ratio is 1.5%, which is much higher than the average expense ratio for U.S. investment funds. Such a fee model makes the product unattractive to cost-sensitive investors interested in investing in cryptocurrencies. Investor enthusiasm was dampened by a $364 million liquidation this month. These forced selling events create huge market volatility and lead to a lack of confidence among potential buyers. Most investors choose to wait and see, waiting for better signals before committing money. The combination of adverse technical trends and subdued ETF demand creates a hostile environment for Dogecoin. A possible death cross structure on the daily chart, as well as a bearish flag structure on the weekly chart, both indicate that Dogecoin remains under continued downward pressure. In the absence of new catalysts, cryptocurrencies will face headwinds in the short term before reversing their course. The lack of ETF funding suggests institutional investor interest has not materialized as expected. Traders and investors are still eyeing support levels, which will determine whether the current downward trend will continue or stall at the lows. Brothers, if you feel desperate or confused in the current currency circle, I hope this article of mine can help you! The bull market is still here, and now is the golden period for planning. Scan the QR code below to follow our footsteps and seize the wealth code together, welcome the upcoming bull market, and realize our dream of wealth and freedom together! Group content: 1. Seize the opportunity to build a position in the next three months, lead everyone to transcend social strata, and gain the opportunity to gain wealth! 2. Share the short-term band opportunities and long-term investment strategies of altcoin spot to help you make steady profits! Welcome to chat with me privately → WeChat: sui3786 Alternate: 3073259620, scan the code below!  |
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