Dogecoin price is down 3% in the last 24 hours as the entire meme coin has come under pressure following the rug pull incident in LIBRA meme coin, launched by Argentinian President Javier Milei last weekend. Technical charts for DOGE flash warning signals amid the formation of a death cross pattern for DOGE MVRV. Confirming the bearish trend, a renowned analyst predicted a likely 44% crash in the top-meme coin’s value ahead. Dogecoin Price Can Correct 44%, Says Analyst Popular crypto analyst Ali Martinez noted that DOGE could be heading for a challenging period amid a bearish technical chart pattern. Martinez highlighted a “death cross” between Dogecoin’s Market Value to Realized Value (MVRV) ratio and its 200-day moving average (MA). The analyst stated that historically, such chart patterns have led to significant declines, with Dogecoin price dropping 26% and 44% during the last two instances of this pattern. If this happens, DOGE could collapse all the way to $0.15 from the current levels. Source: Ali Martinez Meme Coins Take A Massive Hit Over the past weekend, the Dogecoin price has corrected 7% as the broader meme coin sector takes a major hit following the launch of Argentina’s LIBRA meme coin , which faced a massive pump and dump. Apart from top players like Dogecoin and Shiba Inu (SHIB), celebrity meme coins have taken the most hit. Furthermore, as per the Coinglass data , the DOGE futures open interest has tanked 5.27% to $2.41 billion while the 24-hour liquidations have shot up to $3.57 million of which, $3.1 million is in long liquidations. Source: Coinglass DOGE Traders Remain Optimistic Despite the technical charts suggesting bearishness for Dogecoin price, traders continue to be optimistic about gains moving ahead. Furthermore, with developments around the SEC’s potential approval of a spot Dogecoin ETF , the optimism remains intact. Last week, the U.S. Securities and Exchange Commission (SEC) acknowledged the DOGE ETF filing by asset manager Grayscale raising further hopes within the crypto community. Crypto analyst Bluntz has expressed optimism about Dogecoin (DOGE), highlighting its stability after two weeks of consolidation following a recent capitulation event. “$DOGE is looking pretty solid here, in my opinion,” Bluntz noted, adding, “If there’s one saying that’s always stuck with me, it’s never short a dull market.” Source: Bluntz The analyst’s remarks suggest that Dogecoin’s current quiet phase could indicate potential strength, with traders keeping a close watch for future price movements. The post Will Dogecoin Price Crash 44% Amid DOGE Death Cross Pattern? appeared first on CoinGape .