Dogecoin Price Holds Steady Amid Weakening Bearish Momentum

Dogecoin's price has been steadily increasing after the U.S. inflation report showed lower-than-expected numbers, boosting the crypto market as a whole.

The DOGE price is currently trading at $0.074 with a market capitalization of $11.49 billion and a daily trading volume of $634.6 million.

Crypto analyst More Crypto Online believes that Dogecoin could be nearing the end of its multi-year correction, but still has room for one more move lower before recovery.

The weekly chart shows weakening bearish momentum as traders watch the $0.080 and $0.092 resistance levels, while on-chain activity is weak with daily active Dogecoin addresses dropping nearly 16%.