Buyers are less interested in Dogecoin [DOGE] as the price struggles below $0.25

Dogecoin [DOGE] disappointed the market speculators who placed bullish bets on the popular meme-coin. The September 7 sell-off invalidated the formation of the bullish thesis that targeted a breach of key resistance point at $0.339. It was still down by 18.15% over the past week. Since then, the crypto-asset has been consolidating near the levels last seen in the second week of August.

After modest gains of 2.64% over the past 24-hours, Dogecoin [DOGE] was trading at a price of $0.2418. It slid to the 8th-position on the CoinMarketCap’s leaderboard after a stellar performance by Solana [SOL] this month. At the time of writing, the digital asset held a market cap of $31.72 billion while recording a 24-hour trading volume of $1.15 billion.

Dogecoin [DOGE] Daily Price Chart:

The volume in the Dogecoin [DOGE] market is pretty low which made the brief uptrend unsustainable. The latest sell-off pushed price candles below the 50 [Pink] and the 100 [Blue] daily moving averages which underwent a fresh bullish crossover. DOGE has been one of the few coins that have dodged a death cross as prices went downhill this summer. But the upsloping 200 DMA [Yellow] appeared to be heading to reclaim its fort above the candlestick arrangement. Hence, a subsequent crossover with the 50 DMA could lead to a damaging turn of events.

The technicals do not look very promising. In fact, the Chaikin Money Flow [CMF] on the daily price chart depicted a lack of capital inflow in the coin market. The MACD also flashed red despite a minor recovery on the price side. The decline of the Relative Strength Index [RSI] below the 50-median line evidenced that sellers have the upper hand in DOGE’s market.

Dogecoin was turned away from the immediate resistance of $0.339, a level that holds importance for a hike to previously established levels of $0.42, and $0.559 respectively. The support levels for the crypto-asset, on the other hand, stood untested at $0.171, $0.05.