With bearish pressure and market weakness persisting, Dogecoin [DOGE] broke below the $0.10 support, hitting a local low of $0.095 before rebounding slightly to $0.099.
At press time, DOGE was trading at $0.098, up 0.73%, reflecting heightened volatility.
Bearish pressure strains Dogecoin’s structure
DOGE lost its $ 0.10 support level again, largely driven by heightened sell-side activity. As such, DOGE sellers have dumped at every opportunity, further straining the market.
Looking at the Bulls and Bears power indicator on TradingView, the Bears have commanded total control of the market.
Bears have dominated the market for thirty consecutive days since displacing sellers on the 19th of January, and all attempts by bulls to regain control have failed.
At press time, the Bears’ position was 64 compared to 9 for the Bulls, reflecting a significant gap in their market presence. As such, although bulls are active, their presence remains insufficient to sustain a trend reversal.
The Buyer-Seller Strength indicator further supports this. Sellers have remained relatively powerful, with their strength hiking to 68 at press time.
Coupled with that, exchange activity also echoed this bearish dominance. According to Coinalyze, Dogecoin recorded higher Sell Volume for five consecutive days, signaling a lack of bullish conviction.
Over the past day, for example, the memecoin saw 697 million in Sell Volume compared to 619 million in Buy Volume. As a result, the market recorded a negative Buy-Sell Delta of -78 million, a clear sign of aggressive selling.
Historically, such market behavior has tended to strengthen downside and weaken any upside momentum, leading to lower prices.
Is DOGE at risk of further slip?
Dogecoin traded below its critical support level, amid sustained bearish pressure. With bears running riot in the market, all attempts by bulls to hold on have proved futile.
In fact, the memecoin’s Price Momentum Oscillator (PMO) remained negative despite making a bullish crossover days ago. With the PMO holding a negative, it suggests that most price changes have been negative on average.
Thus, markets have closed at lower levels, signaling a bearish trend and confirming a medium- to long-term downtrend, not a mere pullback.
At the same time, the memecoin’s Relative Strength Index (RSI) has remained stuck below 50 for a week, further validating this bearishness. Persistent bearish momentum signals a likelihood of downside continuation.
A trend continuation could see DOGE drop to $0.092, most likely losing its $0.09 support, and then fall to $0.08. To invalidate this bearish scenario, DOGE must reclaim $0.1 and firmly hold $0.11.
Final Summary
- Dogecoin slipped below $0.1, hitting a low of $0.095 before rising slightly to $0.098 at press time.
- DOGE’s downside spiral continued amid persisting bearish dominance in the market.
