Dogecoin Decreased More Than 30% From Its Yearly High of $0.48

Dogecoin (DOGE) has dropped significantly, falling over 30% from its yearly high of $0.48 earlier this month. This decline is associated with several negative signals indicating that the price could drop further as the year comes to a close.

Technical indicators suggest that DOGE could fall below $0.20. A significant bearish pattern, known as the "Death Cross," has appeared on the DOGE/USD one-day chart.

The short-term moving average, such as the 50-day line, has crossed below the long-term moving average, such as the 200-day line. This pattern occurs when this happens.

The crossover on December 18 caused the price of DOGE to drop 20%, indicating a shift in market sentiment from positive to negative. The recent price drop has overshadowed any long-term gains, suggesting a weakening trend.

The Super Trend indicator for DOGE shows that the price is below the red line, indicating ongoing selling pressure. DOGE is currently trading below $0.33.

If selling continues, the price could drop to $0.28. If this support level does not hold, the next important level to watch is $0.23.