Analyst warns DOGE could fall to $0.08 amid dead cross pattern

Cryptocurrency analyst Marzell noted on X that a dead cross and a head and shoulders pattern have simultaneously appeared on Dogecoin's (DOGE) three-day chart. The dead cross pattern occurs when the 200-day moving average (MA) falls below the 50-day MA. Marzell suggested that if these patterns fully form, DOGE could fall to as low as $0.08. The analyst added that the downward trend is accelerating due to waning interest in the spot DOGE ETF launched last November and a decline in open interest in the futures market. This has fostered a risk-averse sentiment among investors, leading to sustained selling pressure. According to CoinMarketCap, DOGE is currently trading at $0.1203, down 1.99%.