8% Pullback for DOGE, Can the Bulls Flip the Bearish Script for a Turnaround?

• DOGE is currently trading at $0.22, marking a loss of over 8%.
• The market has recorded liquidations totalling $35.73 million.

Following a 3.43% plunge in the crypto market, the majority of the assets are trading in the red. With the Fear and Greed Index value settled at 59, the overall sentiment is neutral in the market. The largest assets like Bitcoin (BTC) and Ethereum (ETH) are hovering on the downside, losing momentum, and slipping back to their recent lows

The meme coin market cap has reached $77.1 billion, after falling by over 7.1% in the last 24 hours. Among them, the dog-themed DOGE has posted an 8.88% loss. In the early hours, the meme coin traded at a high of $0.2484 and later, with the bearish pressure, the price fell back to a low of $0.2181. At the time of writing, DOGE traded at the $0.2281 mark

With a market cap of $34.39 billion, the daily trading volume of the meme coin is up by over 14.21%, reaching the $5.03 billion range. The Coinglass data reports that the market has experienced a liquidation of $35.73 million worth of DOGE during this timeframe.

Are Bulls Losing Grip on DOGE?

DOGE’s current price pattern reports a negative outlook, with the price might slip and test the support at the $0.2287 range. Upon losing this level, the meme coin could accelerate the downtrend, inviting the death cross emergence, with its subsequent support in sight, at around $0.2281

On the other hand, a positive shift will nullify the ongoing bearish momentum. A breakout above the $0.2299 level could likely drive the DOGE price up and trigger the golden cross to unfold. It might open the gateway to more gains, potentially targeting the $0.2305 resistance

The meme coin’s Moving Average Convergence Divergence line is below the zero line, and the signal line above the MACD line hints that the overall momentum is weak. This crossover indicates that the DOGE price is losing its strength and may continue the downside

*DOGE chart (Source: TradingView)*In addition, the Chaikin Money Flow (CMF) indicator of DOGE, positioned at 0.16, suggests that the value is moderately strong and the buying pressure is dominant in the market. Also, the money is flowing into the asset, showing accumulation rather than distribution.

Furthermore, the daily Relative Strength Index (RSI) value of 45.59 implies it is slightly below the neutral zone. This bearish momentum is not strong enough to confirm the oversold conditions, but in a balanced zone. DOGE’s Bull Bear Power (BBP) reading of –0.00555 signals that the bears are moderately dominant, with the price trading below.

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