Dogecoin fell roughly 7% on Wednesday, sliding toward $0.089 and leading losses among major cryptocurrencies as a broader risk-off move hit Bitcoin, Ethereum and XRP. The decline did not stem from a Dogecoin-specific catalyst, but rather reflected tightening macro financial conditions: Brent crude climbed above $100 per barrel on renewed tanker attacks and Middle East supply concerns, the 10-year Treasury yield moved above 5.3%, and the U.S. Dollar Index strengthened above 102. Bitcoin briefly dropped below $84,000, Ethereum lost around 4%, and XRP fell more than 3%. Market-wide crypto liquidations climbed above $500 million as Bitcoin broke lower, amplifying the selloff.
The pullback came just one day after DOGE formed its first daily golden cross in 14 months, when its 50-day moving average crossed above its 200-day moving average. That bullish signal has not prevented the reversal. DOGE slipped below short-term moving averages, with a key support area at $0.088–$0.09 and the 61.8% Fibonacci retracement near $0.0887. The 100-day EMA near $0.086 is the next downside level to watch. Near-term analysis now puts key support around $0.084–$0.085, with resistance closer to $0.092. If DOGE cannot reclaim $0.092–$0.093, the golden cross may become less relevant in the short term.
A separate event adds uncertainty: Bitwise has decided to close its BWOW Dogecoin ETF, with the final trading day scheduled for October 14. According to the fund’s SEC filing, Bitwise expects to convert the fund’s Dogecoin holdings to cash as part of the liquidation process. The filing does not specify how much DOGE will be sold or whether those transactions will materially affect the market. Still, the closure reinforces that institutional ETF demand for DOGE remains limited compared with Bitcoin, Ethereum and XRP.
