šØ Dogecoin Faces Continued Downtrend Despite Elon Musk's Influence šØ
š¶š° Dogecoin (DOGE) remains under pressure as bearish sentiment dominates the market. After an 8.55% decline last week, DOGE extends its losses on Monday, trading around $0.23 š. Analysts predict a possible correction toward the $0.20 mark, aligning with key technical levels.
š The cryptocurrency faced rejection at the $0.27 resistance, which coincides with the 50% retracement level from its August 14 low of $0.05 to its December 2 high of $0.48. Since then, downward momentum has persisted, with Monday's decline adding another 4.6% to DOGEās slump.
š Technical indicators also paint a bearish picture:
ā” The daily RSI sits at 32, nearing the oversold threshold of 30, signaling strong downside momentum.
š Meanwhile, Coinglass data shows a long-to-short ratio of 0.87, indicating that more traders are betting on further price drops.
šØ If the downward trend continues, DOGE may test the February 3 low of $0.20, a crucial support level for the meme coin.
