Dogecoin Price has crashed in the past few months. This trend can continue as rare cross-patterns of death approach.
The Dogecoin (Doge) token retreated to a low of $0.019 on Sunday. This is the lowest level since November 7th last year. It fell more than 60% from the highest level in November.
The Dogecoin crash reflects the performance of other meme coins, most of which have plummeted over the past few months. Popular tokens like Shiba Inu, Pepe and Dogwifhat have fallen by over 50%.
It also fell when Memecoin's main supporter Elon Musk was under intense pressure this year. Bloomberg data shows Musk's net worth has dropped by $103 billion this year, bringing him to $330 billion in value.
The latest report shows Donald Trump is beginning to push back some of Elon Musk's actions. According to The New York Times, Musk crashed with ministers like Marco Rubio at a tense cabinet meeting. With these debates, Trump has curtailed government efficiency or Musk leading the Doge Bureau.
So Tesla's stock price and new tensions between Musk and Trump mean he will leave the division. Kalshi's data shows there is a 54% chance that it will end by July 2026.
Founded in 2013, Dogecoin became a popular meme coin in 2021, mainly due to mask tweets. So his doge exit has some psychological effects that lead to more negative aspects.
Dogecoin Price Analysis
Daily charts show that Doge Price continued to be on a strong downtrend as investors remained on the sidelines. Doge is trying to form a death-cross pattern that occurs when exponential moving averages of 200 and 50 days intersect each other. The last time the coin formed the Cross of Death was in July 2024, and the coin has since dropped by 40%.
Dogecoin Price fell below the 61.8% Fibonacci Retracement at $0.2360. Additionally, the MACD and relative strength index continue to fall as sellers target their next key point at $0.1680 (78.6% retracement points). Moves below that level indicate a further decline to $0.80, 60% below the current level.
