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Will Dogecoin break below the USD 0.12 support soon?



 The cryptocurrency market has underperformed for the past few weeks and the market cap has now slipped back below the $2 trillion mark.


The broader crypto market has underperformed over the past two months. Bitcoin and Ether hit new all-time highs of $69,000 and $4,800 in November, with the total market cap hitting $3 trillion over the period.


Since then, however, the market has been in a bearish trend and Bitcoin is trading around the $42,000 mark while Ether continues to struggle below the $3,500 resistance level. Dogecoin has also suffered massive losses in recent months.


The leading meme coin is no longer among the top cryptocurrencies by market cap. At the time of writing, DOGE is trading at $0.1643, down more than 3% over the past 24 hours. DOGE could see more losses in the coming hours if current market dynamics remain the same.


There is no major catalyst behind this current bearish performance. Like the other major cryptocurrencies, DOGE has performed poorly over the past few weeks.


Important levels at a glance

The DOGE/USD 4 hour chart is very bearish thanks to the cryptocurrency's performance over the last 24 hours. Technical indicators are showing that DOGE is currently underperforming and it could give way before the end of the week.


DOGE is trading below its 50-day simple moving average price of $0.19. Furthermore, the 14-day Relative Strength Index of 40 shows that DOGE could soon enter the oversold territory if the market momentum holds.



The MACD line has been below the neutral zone since the start of the week. If the bears remain in control, DOGE could drop below the USD 0.12 resistance level in the coming hours. In the event of an extended bearish move, DOGE could slip below $0.10 for the first time in months and trade around $0.09.

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