Bearish Pressure on Dogecoin: What Traders Should Expect

Dogecoin (DOGE) is under continued bearish pressure, with the possibility of retesting key support levels. Recently, DOGE faced a bearish flag pattern breakout, testing the $0.092 support while dealing with resistance at both the 20-day ($0.1015) and 50-day ($0.1054) EMAs.

Key Scenarios:
1. Bearish Continuation: If the bearish momentum persists, DOGE could retest the $0.092 support. A close below this level could send the price further down towards $0.083, extending the bearish phase.

2. Bullish Reversal: If bulls defend the $0.092 support, DOGE might rebound toward $0.105, with the potential to reach $0.118 if momentum builds.

Indicators:
- RSI remains just below neutral at 50, showing that while bearish, it’s not yet oversold.
- MACD is nearing a bearish crossover, signaling further downside risk if confirmed.
- Open Interest increased slightly, with a 1.09% uptick, suggesting traders are keeping positions open, but options volume dropped significantly, indicating indecision among traders.

Traders should also closely monitor Bitcoin's price action for cues on broader market sentiment before making significant moves with DOGE.