Dogecoin (DOGE) Adds Another Zero: What's Happening?

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An extension of the bearish momentum is seen by Dogecoin's recent substantial decline, which took it below the crucial psychological level of $0.10. The asset's near-term recovery prospects are becoming increasingly doubtful due to the extremely low trading volumes that have accompanied the price decline.

Given the accompanying chart, it is evident that Dogecoin's price is declining and that a possible bearish crossover between the 200-day and 50-day EMAs is approaching. 

The worst may yet come for DOGE holders as this crossover, also referred to as the death cross, frequently portends an even more severe correction. Since there has traditionally been a high degree of psychological support for the asset, it is concerning that DOGE has been unable to sustain support at the $0.10 mark. Probably the most concerning indication at this stage is the lack of volume. 

DOGE/USDT Chart by TradingView

Declining volume frequently signals sellers' exhaustion and the possibility of a reversal. In the case of Dogecoin, however, the lack of buying support indicates that traders and investors may not be very motivated to drive the price higher. The price is likely to keep falling or remain stagnant in the lower price range in the absence of large inflows. Moreover, DOGE, is not receiving any assistance from the larger market environment either. 

Because Dogecoin is so highly speculative, it is unlikely to do better than the overall market absent a surge in hype or outside impetus like the endorsements of well-known personalities.

To sum up, Dogecoin's technical indicators point to the possibility of more downside pressure. The ongoing death cross between the 50 and 200 EMA signals a protracted bearish phase. The $0.10 barrier, which has now been crossed, was crucial for preserving bullish vibes.