In recent weeks, Dogecoin has faced a downward trend in its price momentum, largely due to the emergence of PEPE coin, which has overshadowed its popularity. Over the past 24 hours, DOGE has shown limited upward movement, with a mere 1% increase. The meme-coin has experienced a significant decline in price, indicating a prevailing bearish control. The technical outlook of Dogecoin showed that bears are currently influencing its price. Both the demand and accumulation have dipped, suggesting a decrease in buying activity. Related Reading: Key Support Levels To Monitor As Ethereum Price Slows Down Moreover, the rejection of Bitcoin at the $27,000 price mark has hurt major altcoins, including Dogecoin, resulting in a decline in their respective charts. For Dogecoin to maintain its position above its immediate support level, it needs a recovery in buying strength. If it fails to do so and loses its current support level, it could experience another significant drop in value before any signs of recovery. Additionally, the decline in the Dogecoin market capitalization further indicates a fading buying strength at the time ..
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