No respite for Dogecoin [DOGE]; price remains vulnerable to major retracement

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The cryptocurrency market went for another downward spin. Mimicking this latest movement was Dogecoin [DOGE] which sustained double-digit losses along with its peer crypto-assets. The market has been choppy and signs of decisive trends were wiped out by the bears’ incessant onslaught.

Doge’s volatility has declined and was consolidating above a psychological support area since its fall from the ATH. The digital asset is yet to see a sharp price movement in either direction.

Dogecoin [DOGE] declined by 11.81% over the past 24-hours which drove its price to $0.32. At the time of writing, the meme coin registered a market cap of $42.74 billion and a 24-hour trading volume of $4.30 billion.

Dogecoin [DOGE] Daily Price Chart:

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Dogecoin [DOGE] formed a local top in the first week of June before hitting a reverse with six steady and back-to-back red candles. This was indicative of the fact that the market investors were watching to make quick profits in the short-term, a phenomenon and a trend that holds true for most top assets in the market right now.

The 50 DMA [Pink] continued to resist the meme coin while the 100 DMA [Blue] hovered below its price candles. The low volume could further the Dogecoin’s chances for a much-needed bullish flip.

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The red closing candle of Awesome Oscillator also depicted a weak but bearish momentum in the coin market after a brief respite. The MACD also switched over to face a bearish crossover which evidenced a low buying demand in the DOGE market. Even the RSI depicted a similar trend of extensive bearish pressure after it rejected at the 50-median line demonstrating an increasing sell pressure in the market.

Currently, Dogecoin remains vulnerable to a retracement to its immediate support level of $0.24. If the bulls fail to defend this area, the token could target the next support of $0.05, a level that was last seen in April.

The resistance levels for Dogecoin, on the other hand, stood at $0.42, $0.56 and $0.69 respectively.

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