Dogecoin faces death cross on hourly chart, but there’s a catch

Dogecoin is showing a death cross on its hourly chart, signaling a bearish trend and potential for increased selling as traders might close their long positions. It trades at 0.1742 USD after a 5.57% decline, although it has not formed a full death cross on the daily chart.

Investor sentiment remains low with a 21.01% drop in trading volume to 1.6 billion USD, hurting DOGE’s price forecasts. An increase in trading volume and open interest could indicate a possible trend reversal, bringing renewed optimism to holders.