Dogecoin's current price has settled around $0.07 to $0.08 after some volatility, but its long-term trend remains precarious.
The cryptocurrency currently holds an important support zone that may shape its next price move, and analysts say a successful defense of this area could improve confidence and lead to another upward move.
However, if sellers break below this support level, market sentiment may become more negative, potentially leading to another decline of around 10% before fresh buying demand appears.