The leading meme coin bounced from its intraday low of $0.154 amid a more than 50% decline in trading volume.

However, both on-chain and derivatives data reveal that investor sentiment remains tepid, with waning bullish sentiment among retail and long-term holders.

Once the most-talked-about coin in crypto, DOGE continues to trade significantly below its all-time high of $0.70.

Dogecoin Price Analysis: Holding Key Support Could Spark Recovery

Dogecoin’s daily chart shows the coin consolidating within a broad ascending channel after rejecting the mid-range resistance earlier this month.

The price now tests the horizontal support zone between $0.154 and $0.160. The RSI reads 32.9, placing DOGE close to oversold territory while the MACD histogram continues to flatten.

Source: TradingV

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