Dogecoin price maintains bearish structure: Is a deeper drop on the horizon?

Dogecoin (DOGE) has stabilized above a key support level around $0.14, marking a period of consolidation as market participants assess technical indicators and adoption trends. Despite a muted response to its 12th anniversary, network activity has surged, with daily active addresses exceeding 67,000, reflecting increased engagement within the community.

Dogecoin has experienced a notable surge alongside Ether, which has risen by 8%, indicating a potential bullish reversal for memecoins. This breakout has established a continuation zone, contingent on bulls maintaining the mid-range pivot recently reclaimed.

The total value traded for spot Dogecoin ETFs has reached its lowest point since their launch, indicating a decline in interest as liquidity and trading volumes lag significantly behind those of major cryptocurrencies like Bitcoin and Ethereum. This trend reflects a diminishing hype surrounding Dogecoin as a viable investment option.

Dogecoin (DOGE) is currently trading near $0.14 on Binance, remaining within a bearish channel that began after a rejection at $0.21. The price is showing signs of potential recovery as it tests the $0.14 support level, which is critical for a rebound toward $0.16 if maintained.

Dogecoin (DOGE) has initiated a recovery wave above the $0.140 mark against the US Dollar, currently facing resistance around $0.1450. The price has shown upward movement from the $0.1350 zone, but bears remain active near key resistance levels, indicating potential challenges for further gains.

Bitcoin's price has fallen below $90,000 again, leading to renewed speculation about its future direction. Analyst MarcPMarkets emphasizes the importance of monitoring key levels, particularly the $93,500 mark, which Bitcoin has struggled to reclaim. Investor sentiment remains negative, compounded by significant upcoming events that could influence market dynamics.

Dogecoin has marked its 12th anniversary amidst a challenging market, characterized by bearish trading patterns. The cryptocurrency, initially launched as a joke by developers Billy Markus and Jackson Palmer, has evolved into a significant player in the crypto space, reflecting on its journey since 2013. Analysts are currently assessing whether the accumulation phase of Dogecoin is approaching a critical turning point, which could influence its trajectory in the coming year.

Dogecoin's network activity has surged to a three-month high, with 71,589 active addresses recorded, indicating a significant uptick in engagement despite the cryptocurrency's price remaining relatively stable and range-bound around $0.15. This marks a notable improvement in chain activity since September.