Dogecoin Slips Below Key Averages as Weekly Death Cross Setup Draws Attention

Dogecoin traded lower on July 5 as bearish technical signals weighed on market sentiment, even as network activity showed signs of growth. DOGE was down 1.37% over 24 hours at $0.0758, trailing a slightly positive Bitcoin market. Traders now focus on whether the meme coin can hold nearby support or face another move lower.

Dogecoin Price Weakens Below Key Moving Averages

Dogecoin traded below major moving averages as short-term momentum stayed weak. The token remained under its 30-day simple moving average at $0.0809 and its 200-day simple moving average at $0.1032. Its 14-day RSI stood at 41.65, showing that sellers still controlled near-term direction.

The key level for traders is the daily pivot near $0.0778. A move back above that mark may ease immediate selling pressure. However, failure to reclaim it keeps attention on the 7-day SMA near $0.0742. A break below that area could put the $0.072 to $0.074 zone back in focus.

Weekly Death Cross Raises Market Caution

Dogecoin’s weekly chart is drawing attention as its 50-week moving average moves closer to the 200-week moving average. If the 50-week average crosses below the 200-week average, the chart would confirm a weekly death cross. This setup has not appeared on DOGE’s weekly chart since February 2023.

Market watchers often view a death cross as a sign of weaker momentum. Still, the past reaction was mixed. After the February 2023 death cross DOGE did not record a sharp collapse. Instead, the price moved sideways for months. That history has made traders cautious about treating the signal as a direct price call.

Analysts have also pointed to earlier weekly crossovers. Dogecoin saw a golden cross in February 2021 before its major rally to an all-time high near $0.74. Another golden cross appeared in late 2024 before DOGE reached $0.48 in December that year. Even so, those past moves do not confirm how the current setup will play out.

Active Addresses Rise, but Price Response Stays Unclear

Meanwhile, Dogecoin’s on-chain data showed stronger network activity. Analyst Ali Martinez said Dogecoin active addresses rose to nearly 50,000, adding, ‘something is brewing.’ Glassnode data shared in the post showed active addresses rising from about 36,000 on June 24 to nearly 48,000 on July 1.

The figure later eased but held near 44,000, showing that network use remained above late-June levels. Active addresses measure unique wallets taking part in transactions or transfers. A rise in this metric can show broader network use, but it does not always lead to price gains.

The data from Martinez drew attention, yet the market response remained cautious. “Something is brewing” points to rising activity, but it does not confirm accumulation or a trend reversal. Traders still need price confirmation especially while DOGE trades below key moving averages.

Derivatives data also added pressure. A $723,000 long liquidation on Binance showed that leveraged buyers faced stress as DOGE moved lower. At the same time, Dogecoin ETFs logged a third straight week of net outflows, suggesting softer demand for meme coin exposure.

For now, Dogecoin’s near-term path depends on the $0.0778 pivot and the $0.0742 support area. Holding support may keep the price inside its current range. A close below support, along with a confirmed weekly death cross, could extend bearish pressure in the DOGE market.

Also Read: Dogecoin Price Today: DOGE Tests $0.07 as Analysts Warn of Deeper Losses