Dogecoin's Technical Outlook Remains Cautiously Bearish Amid Institutional Support

Dogecoin, a popular meme-based cryptocurrency, has been experiencing significant selling pressure in recent weeks. According to data from Sosovalue, DOGE spot ETFs have recorded four consecutive weeks of positive flows, indicating steady institutional support.

However, this support does not seem to be enough to prevent the cryptocurrency from falling below its $0.1000 psychological support level. The technical outlook for DOGE remains bearish, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both indicating further downside potential.

The immediate support level for DOGE is at $0.1000, below which it could potentially target the February 11 low at $0.0879. On the topside, resistance levels are seen at the 50- and 100-day Exponential Moving Averages (EMAs) around $0.1036 and $0.1059, respectively.