Things are not looking good for Dogecoin at the moment, and the technical picture is getting worse by the week. After sliding nearly 18% over the past month, the DOGE price is now trading below key long-term averages and flashing a pattern known to many traders as a “death cross” — typically seen as a red flag for more downside pain ahead.
As of June 16, the meme coin has dropped from just over $0.20 to below $0.17. It is currently hanging around just above a key support level at $0.137, which was last seen in early April. If the price drops below that, it could mean another fall, possibly down 20% from the current levels and testing the $0.13 area.
The weekly chart is what makes traders cautious as the 23-day moving average has now gone below the 50-week moving average, which is known as a death cross.
Of course, it is not a huge rarity, but it still has some weight to it, especially for assets like Dogecoin that are driven by sentiment. In previous cycles, similar moves have been a sign of medium-term weakness and bigger corrections.
For now, keep an eye on the $0.137 level, where the 200-day moving average is stretching on the weekly time frame.
If DOGE bounces back from here, it might give a short-term relief rally a go, but if the zone breaks down, it could lead to faster losses, possibly taking us back to price levels not seen since early 2023.
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With the mood around meme coins cooling down and the wider crypto market still finding its feet, it looks like Dogecoin could be heading into a bit of a tough patch. It is not so much a joke anymore but more like a real test of its resilience.