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DOGE DOGE's recent trend analysis: The gold cross failed to prevent the correction
Recently, the price of DOGE is about US$0.0887, down about 1.6% in 24 hours. Affected by rising US bond yields and broader risk aversion, Bitcoin and other major cryptocurrencies continue to be under pressure. Current short-term technical analysis shows that the key support area is in the US$0.084 -0.085 range, while the resistance level is close to US$0.092.
The current situation is particularly interesting because Dogecoin formed the first daily level "Golden Cross" in the past 14 months just two days ago. However, this bullish signal did not prevent a correction in prices.
The gold cross unhindered the decline
Dogecoin's 50-day moving average has recently exceeded its 200-day moving average, which is often seen as a technical signal of improvement in long-term momentum. But the timing of this bullish crossover coincides with a weakening market.
Previous analysis pointed out that US$0.098 -0.10 is a resistance area that bulls still need to clear before achieving a stronger breakthrough. On the contrary, DOGE rebounded towards around $0.09 and immediately fell below that level. This does not automatically deny the validity of the gold cross, but it also suggests that the signal requires further confirmation of the price. If DOGE fails to recover US$0.092 -0.093, the importance of this bullish cross may decrease in the short term.
Bitwise ETF liquidation brings new variables
狗狗币下周还面临另一独立事件。Bitwise 决定关闭其 BWOW 狗狗币 ETF，最后交易日定于 10 月 14 日。根据该基金向美国证券交易委员会（SEC）提交的文件，Bitwise 预计将在清算过程中将基金的狗狗币持仓转换为现金。
文件并未具体说明将出售多少 DOGE，也未提及这些交易是否会对市场产生实质性影响，因此价格影响仍存在不确定性。尽管如此，此次关闭强化了 Coinpaper 此前指出的一个弱点：与比特币、以太坊和 XRP 相比，机构对 DOGE 的 ETF 需求依然有限。近期的狗狗币展望报告也将 ETF 需求列为整体看涨论点中较为薄弱的一环。
