Dogecoin is clearly not in a great place due to the aggravation of the death cross on the market, which is slowly but surely going deeper, pushing the price deeper. Basically, with short-term moving averages staying below longer-term averages, the price of the asset is unlikely to recover in a quick fashion.
DOGE is trying to balance between two major support and resistance levels, with one at $0.14, which acts as a “last resort” resistance level that should be guarded by bulls at any cost since, otherwise, Dogecoin will fall into a zone where no major long-term support level has originated yet.
Despite those rapid yet short DOGE bounces we saw previously, the overall momentum is certainly bearish, with indicators like RSI showing lack of buying power on the market, which contributes further to the downtrend on the market. There is not much fuel for a stronger rally.
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The rest of the market has not recovered either, with most cryptocurrencies are moving in a neutral fashion, while meme coins like DOGE and SHIB are struggling due to the risk-off sentiment on the cryptocurrency market and lack of fundamental support for those assets.
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For now, the sideways movement between $0.14 and $0.20 will be the more likely scenario for the asset. Dogecoin’s drop below $0.14 will certainly make things worse, due to the lack of proper support levels for the asset below the aforementioned level. A plummet toward $0.10 is certainly possible, if larger investors decide to sell some of their holdings. However, bullish investors should probably aim for the $0.20 breakthrough that will be the key point for Dogecoin to break, in order to enter an uptrend.