Dogecoin (DOGE) is carving a bearish setup after dropping more than 42% over the last three weeks, with the coin struggling at a key level near $0.092. Trading volume fell about 32% to $1.07 billion, underscoring caution among traders. On the daily chart, DOGE is forming a bearish head-and-shoulders pattern around the neckline at $0.0874. If the price closes a daily candle below this level, the memecoin could slide more than 35%, potentially reaching around $0.0559.
Intraday sentiment remains bearish, with traders positioning around $0.0904 as support and $0.0956 as resistance, and the ADX reading at 22.75 suggests weak directional momentum. The latest inflow/outflow data show more than $6.24 million left exchanges in the last 24 hours, hinting at accumulation by larger holders even as the short-term setup remains bearish.
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