Dogecoin (DOGE) had a sharp slide below the key $0.20 level but appears to be holding steady since then, although the outlook remains extremely bearish for the leading memecoin. At the time of writing, DOGE/USD is trading around $0.192.

Dogecoin broke through an important support level around the $0.22 mark in the previous session and continues its slide lower for the fifth straight day. After falling below the key level, selling pressure is likely to increase as investors get scared and drive sharper sell-offs in the cryptocurrency that was originally started as a joke.

Since the crypto market crash on May 19, Elon Musk’s favorite memecoin has lost around 70% of its value and has continued to trade with a bearish bias till date. Even lead promoter and influencer Musk has been unable to do enough to turn the sentiment around, despite him recently expressing his support for the upcoming major upgrade to the Dogecoin network that will bring in higher efficiencies and lower transaction costs.

On a positive note, however, the situation in DOGE is showing a slight improvement with its price strengthening by over 2% since the past 24 hours. On the fundamental side, the memecoin could find some support from the upgrade, with latest proposals suggesting that developers are looking to cut transaction costs on average by 100 times.

Key Levels to Watch

On the 4-hour chart of DOGE/USD, moving averages as well as leading technical indicators MACD and momentum are exhibiting a strong bearish bias. Even though Bitcoin has recovered after the steep decline, the mood among investors remains wary, which could keep Dogecoin trading under pressure in the near-term.

At the moment, the price has risen just above the immediate support at $0.192 and if buying interest builds up, might be able to cross the pivot point which is at $0.219. A break above this level opens the door to test resistance at $0.24.