Bulls could not hold the initiative for long, and most of the coins have returned to the red zone.
DOGE is no exception to the rule, going down by 2.36% over the last 24 hours.
The price of DOGE has broken the local support level at $0.08045 and keeps declining. If buyers cannot seize the initiative, the decline may continue to the next zone of buyers' interest around the $0.07926 mark. Such a scenario is relevant until the end of the day.
The situation is also bearish on the daily time frame as the price has returned below the important mark of $0.08. At the moment, traders should pay attention to the nearest support at $0.07878.
If the closure happens not too far from it, the decline may lead to the test of the $0.077-$0.078 zone within the next few days.
On the weekly chart, the price of DOGE is on its way to the support at $0.07780. The volume is declining, which means there are low chances to see a bounce back to the current levels. In this case, closure below the mentioned mark could be a prerequisite for an ongoing drop to $0.075.
DOGE is trading at $0.0799 at press time.