The cryptocurrency market is dealing with an aggressive bearish wave mid through this week’s trading. Bitcoin leads the correction, closing the gap to $30,000, while Ethereum has explored the areas toward $1,800. Most crypto assets are posting considerable single-digit losses as bulls across the board hunt for formidable support areas.

Dogecoin price continues to lose ground below a long-term descending trend line. Holding above $0.2 gave investors a ray of hope, a light at the end of the tunnel that market stability will likely lead to recovery.
However, with this support in the rearview, a new perspective is coming to life. For example, the Moving Average Convergence Divergence (MACD) has a vivid bearish signal, currently adding credibility to the bearish outlook. Note that losses will increase if the following support at $0.185 shatters. The meme coin may dump some more to test May’s support at $0.16 before a significant recovery occurs.
It is worth mentioning that gaining ground above $0.2 will enhance the bulls’ grip on Dogecoin. Farther up, breaking above the descending trend line could significantly boost the bulls, allowing DOGE to break the extended bearish trend and close the gap to $0.3.