Dogecoin Faces Further Decline as Death Cross Looms
Dogecoin (DOGE) has seen a important drop, reaching $0.019, its lowest as November 7. This decline mirrors the trend of other meme coins like Shiba Inu and Pepe, which have also fallen by over 50%.
Elon Musk’s influence on DOGE is waning. His net worth has decreased by $103 billion this year, affecting the coin’s value. Tensions between Musk and Donald Trump could lead to Musk leaving the Department of Government Efficiency. A Kalshi data report suggests a 54% chance of his exit by July 2026. This could psychologically impact DOGE’s price.
Established in 2013, DOGE gained popularity in 2021 due to Musk’s tweets. His potential departure could cause more losses.The coin’s price has fallen below the 61.8% Fibonacci Retracement at $0.2360, indicating bearish control. The death cross pattern on the daily chart signals a continued downtrend. The last death cross in July 2024 led to a 40% drop. The MACD and RSI are falling, with the next key point at $0.1680.A move below this level could lead to a further decline to $0.80, 60% below current levels.
- DOGE price has dropped over 60% as November.
- DOGE is near a death cross, where the 200-day and 50-day EMAs cross, hinting at more declines.
- DOGE’s price is below the 61.8% Fibonacci Retracement, showing bearish control.
For more insights, check the DOGE price chart.
