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DOGE Dogecoin is trading around US$0.0887, and the golden cross signal cannot hide the weakness of the market.
On Thursday, the price of DOGE fluctuated around US$0.0887, falling by about 1.6% in the past 24 hours. The broader cryptocurrency market is under pressure due to rising U.S. Treasury yields and reduced risk appetite. The latest technical analysis shows that DOGE's key support is in the US$0.084 to US$0.085 range, while immediate resistance is around US$0.092.
The gold fork sends a signal, but the market sentiment is still sluggish
Recently, dogcoin has formed the first daily "gold fork" pattern in 14 months, that is, the 50-day moving average crosses the 200-day moving average. Technical analysts often interpret this pattern as a signal of increased long-term upward momentum in assets. However, this bullish signal came at a time when overall market sentiment became pessimistic, limiting the immediate upside for prices.
Previous analysis pointed out that US$0.098 to US$0.10 is a key resistance area, and bulls must break through this range to confirm a larger trend breakthrough. In fact, the price reversed around $0.09 and then fell below that level.
Although DOGE's technical signals show certain potential, if it cannot continue to stand above US$0.092 or US$0.093, the short-term effect of the Golden Cross may gradually weaken. According to analysts, although the golden fork deserves attention, its actual significance needs to be confirmed by price movements. Currently, if DOGE fails to recover and breaks through the US$0.092 - 0.093 resistance zone, near-term momentum may remain moderate.
Recent trends highlight how market sentiment undermines the effectiveness of technical forms, even when signals suggest upward potential.
Bitwise announced the closure of the BWOW Dogecoin ETF
Bitwise Asset Management, the leading U.S. cryptocurrency index fund provider, announced that it will close its BWOW Dogecoin ETF. The company disclosed in an official filing with the U.S. Securities and Exchange Commission that the final trading day is set for October 14.
As part of the liquidation process, Bitwise plans to convert all dogcoin held in the ETF into cash and distribute the proceeds to shareholders. However, the document did not detail the number of DOGE sold or the transaction schedule, making the potential impact on the price of Dogecoin unclear.
Although the immediate consequences for the market remain uncertain, the decision highlights the point raised by several analysts: demand for dogcoin from institutions obtained through exchange-traded funds (ETFs) is relatively limited compared to Bitcoin, Ethereum and XRP. A recent Coinpaper outlook noted that weak ETF demand continues to be a significant shortcoming in Dogecoin's broader bullish narrative.
Comparative overview of institutional ETF demand
Since the formation of the Golden Cross, DOGE's response has been sluggish, coupled with the withdrawal of an institutional investor product, further highlighting the market's continued doubts about recent momentum and long-term adoption by major investors.
