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Due to the aggravation of the death cross in the market, Doge is obviously in an unfavorable position, and the death cross is slowly but surely deepening further, driving the price to fall further. Basically, since the short-term moving average is below the long-term average, the asset price is unlikely to recover quickly.
Doge is trying to balance between two major support and resistance levels, one of which is $0.14, which serves as the "last resort" resistance level, and the bulls should defend it at all costs, otherwise Doge will fall into an area where there is no major long-term support level yet.
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Although we have seen a rapid rebound in Doge before, the rebound time was very short, but the overall trend is definitely bearish, and indicators like RSI show a lack of buying power in the market, further exacerbating the downward trend. There is not much momentum to drive a stronger rebound.
The rest of the market has not yet recovered either, with most cryptocurrencies in a neutral trend, while meme coins like Doge and SHIB are in trouble due to the risk-averse sentiment in the crypto market and the lack of fundamental support for these assets.
Currently, Doge is likely to fluctuate horizontally between $0.14 and $0.20. If Doge falls below $0.14, it will certainly make the situation worse, as the asset lacks proper support levels below that level. If major investors decide to sell some of their holdings, a drop to $0.10 for Doge is certainly possible. However, bullish investors should aim for a breakout at $0.20, which will be the key point for Doge to break out and enter an upward trend.
