Dogecoin (DOGE) finds itself under significant bearish pressure, with market sentiment indicating a likely continuation of its downward trajectory. Despite a slight bounce on the hourly chart, broader technical analysis suggests that buyers are struggling to seize control, pointing towards further price depreciation in the near term.
Current Price Action and Short-Term Outlook
DOGE has experienced a notable 2.49% decline since yesterday, currently trading at $0.1281. While the cryptocurrency did manage a bounce off a local support level of $0.1267 on the hourly chart, this recovery appears tenuous. If buying momentum fails to materialize and the daily trading bar closes near this support, traders could witness a further correction, potentially pushing DOGE down to the $0.12550 zone in the immediate future.
Midterm Trend and Key Support Levels
On a longer timeframe, the picture remains bearish following yesterday's negative close. The absence of strong buying interest is corroborated by declining trading volume, signaling a lack of conviction from bulls. This sustained weakness suggests that if the current trend persists, DOGE is likely to extend its decline towards the $0.1199 support level by the end of the week. Looking further ahead, the most probable scenario involves a more significant downward move, targeting the critical $0.10 psychological support zone.
