$DOGE Dogecoin Under Pressure at Risk of Further Weakness

Dogecoin is trading above $0.13000 at the time this news was written on Tuesday, remaining stable after a 7% decline on Monday, marking the fifth consecutive bearish daily candle. If this meme coin falls below the April low of $0.12986, it could continue to decline to the October low of $0.09500.

Technically, Dogecoin remains under selling pressure, with the Relative Strength Index (RSI) at 32 on the daily chart approaching the oversold zone. At the same time, the Moving Average Convergence Divergence (MACD) indicator is returning to its signal line, at risk of experiencing a bearish crossover.

However, DOGE's price action could form a double bottom reversal from $0.12986, which could target the 50-day Exponential Moving Average (EMA) at $0.17171.

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