Dogecoin extended a sell-off since the past week, currently down 27% in the last seven days.

At press time, Dogecoin was trading down 7.13% in the last 24 hours to $0.1825 as the broader crypto market tracked losses on Wall Street amid concerns regarding the banking sector and escalating trade tensions.

Investors are considering the ongoing government shutdown, which is in its third week, as lawmakers fail to reach an agreement on the federal budget. During the shutdown, federal agencies have suspended releases of crucial economic data, not allowing investors to properly assess the health of the U.S. economy.

Minutes from the Fed’s September meeting showed the Federal Open Market Committee was divided on the number of interest rate cuts on the horizon. The FOMC is scheduled to meet on Oct. 28-29 to make its next monetary policy decision.

Dogecoin confirms death cross

Dogecoin has confirmed a death cross on its short-term chart — specifically the 30-minute chart. A death cross occurs when a short-term moving average falls below a long-term moving average, a bearish indication.

This coincides with Dogecoin's sell-off since the week's start, with today marking its fourth consecutive day of dropping since the Oct. 13 high of $0.218.

The drop comes as the market’s recovery from last week’s massive liquidation shock appears to have stalled, with the majority of cryptocurrencies falling. Dogecoin also fell, reaching a low of $0.175 early Friday.

Dogecoin's next resistance will lie at $0.206 and $0.237 if the market recovers. On the other hand, the next support level is expected at $0.15 following a breach of the support at $0.178.

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