$DOGE The daily golden cross had only been in place for two days when, early this morning, a one-hour bearish candle slammed the price to 0.0890, leaving it just 1.3% above the 200-day moving average at 0.0878.
This wasn’t just about DOGE. Between 01:00 and 03:00 UTC, BTC fell about 2% and DOGE about 4%. The volume on that bearish candle was roughly 10 times normal, and almost all the liquidations were on long positions. I couldn’t find any specific negative catalyst—it was simply a high-beta asset getting dragged down by the broader market.
So the golden cross has only one use now: seeing whether the 200-day line at 0.0878 can hold.
Moving-average crossovers are lagging indicators. The 50-day line can cross above because prices have risen over the past 50 days; that doesn’t mean they’ll rise tomorrow. What matters is where the price settles after the crossover.
The resistance above hasn’t budged either. In my September 26 post, I marked 0.0998 as the level that would make me change my mind. The price hasn’t touched it once since then, and even during the days around the golden cross, it only reached 0.0976.
I’m leaning bearish for now, and I don’t consider this golden cross a bullish signal. If the daily close falls below 0.0878, the golden cross will have been a false signal. Conversely, if the daily close gets back above 0.0976, then I’ll have been wrong to be bearish this time.
#DOGE #Dogecoin
This wasn’t just about DOGE. Between 01:00 and 03:00 UTC, BTC fell about 2% and DOGE about 4%. The volume on that bearish candle was roughly 10 times normal, and almost all the liquidations were on long positions. I couldn’t find any specific negative catalyst—it was simply a high-beta asset getting dragged down by the broader market.
So the golden cross has only one use now: seeing whether the 200-day line at 0.0878 can hold.
Moving-average crossovers are lagging indicators. The 50-day line can cross above because prices have risen over the past 50 days; that doesn’t mean they’ll rise tomorrow. What matters is where the price settles after the crossover.
The resistance above hasn’t budged either. In my September 26 post, I marked 0.0998 as the level that would make me change my mind. The price hasn’t touched it once since then, and even during the days around the golden cross, it only reached 0.0976.
I’m leaning bearish for now, and I don’t consider this golden cross a bullish signal. If the daily close falls below 0.0878, the golden cross will have been a false signal. Conversely, if the daily close gets back above 0.0976, then I’ll have been wrong to be bearish this time.
#DOGE #Dogecoin