As Cointelegraph reported, Dogecoin (DOGE) entered a minor correction after rising 48% in early October. As of October 23, DOGE fell more than 9.5% from its local high of $0.149 two days ago. DOGE fell 6.5% in the past 24 hours, with the price dropping to a one-week low of $0.135. The pullback appears to be due to profit-taking and a decline in investor risk appetite.

DOGE's price began to decline after its daily relative strength index (RSI) exceeded 70, indicating overbought conditions that often foreshadow a correction or consolidation period. DOGE's price fell 23.50% after the RSI entered the overbought zone in late September. DOGE's price decline coincided with the prospect of its key exponential moving averages (EMAs) forming a golden cross. Golden crosses are usually seen as a bullish signal, but in Dogecoin's case, golden crosses often lead to falling prices. As of October 23, DOGE's 50-day EMA is approaching a crossover with the 200-day EMA, and early buyers may be locking in profits, causing the price to pull back.

If the sell-off continues, DOGE's downside target for November may be its moving average, currently around $0.111. The decline in Dogecoin's price coincides with the rise in U.S. Treasury yields, indicating a reduced risk of economic recession and that the Federal Reserve may slow its rate cuts. On October 23, the two-year Treasury yield climbed to a two-month high of 4%, while the benchmark ten-year yield reached a three-month high of 4.24%. Rising yields typically reflect an improving economic outlook, reducing interest in risk assets like cryptocurrencies, putting downward pressure on DOGE.