DOGE rose 4.4% to $0.156 before late-session selloff erased momentum – but Bitcoin has recently been triggered The death cross is now threatening to reshape the meme coin market structure heading into the week.
News background
- Bitcoin triggered a death cross on November 16 when the 50-day MA dropped below the 200-day MA for the first time since 2022 – historically a bearish macro signal.
- BTC fell below $94,000 for the first time since May, exacerbating market-wide fears as sentiment dropped to Extreme Fear (10) on the Fear & Greed Index.
- Analysts warn that while the Death Cross doesn’t guarantee further crashes, it tends to squeeze high-beta assets like DOGE during liquidity contractions.
- Whale selling and accelerating spot Bitcoin ETF outflows contributed to broader risk spillovers.
- Meme coin flows tightened as traders rotated to larger liquidity companies, despite DOGE seeing periodic incidents of whale accumulation.
Price action summary
- DOGE climbed 4.41% to $0.156, with volume rising 29.6% above weekly averages.
- Strong bid defense emerged at $0.1551-$0.1580, with buyers absorbing strong selling pressure.
- DOGE broke above $0.1640 intraday before trending lower into the close.
- Earnings in the last hour triggered a 2.57% decline, sending DOGE back towards key support.
- DOGE traded within an intraday range of 5.8%, tracking broader BTC-driven volatility.
Technical Analysis
- Dogecoin opened the session with a clear bullish structure, building an ascending pattern driven by strong volume in the $0.158 support zone.
- The rally benefited from a broader market stabilization ahead of the BTC Death Cross event, but failed to produce a decisive breakout beyond the $0.163-$0.165 resistance band.
- The afternoon volume increase – 1.26B DOGE traded – confirmed aggressive defense of support and suggested institutional accumulation was present below the market price.
- However, the tone shifted dramatically into the dense. As BTC slipped further below $94,000 and the Death Cross narrative spread across futures desks, DOGE saw algorithmic rotational selling identical to previous BTC-driven risk-off episodes.
- The resulting 2.57% drop broke the final higher-low structure and confirmed that DOGE remains highly sensitive to Bitcoin’s macro trend shifts.
What traders should watch out for
- Market focus now shifts to whether Dogecoin can absorb Bitcoin-driven volatility or whether the newly formed Death Cross will suppress meme-coin momentum for several sessions.
- The $0.158 zone is the most important level on the chart – holding this area would signal that whale accumulation is outweighing the macro selling pressure. However, a close below $0.158 puts DOGE at immediate risk of sliding towards $0.152-$0.148 as liquidity thins.
- On the upside, DOGE needs to recover $0.1604 and then clear $0.163-$0.165 to neutralize the impact of BTC’s macro collapse.
- Traders should monitor volume closely: contracting volume favors a sideways chop, while renewed spikes above the 1B DOGE indicate the potential for trend continuation.
- Additionally, Bitcoin ETF outflows and BTC’s ability to hold above $93,000 will dictate volatility across all meme coins – making macro correlation the dominant factor in DOGE’s near-term direction.
