The world’s favorite memecoin, Dogecoin (DOGE), turned eight earlier this week, but it was an event that failed to excite investors much as the token continues to exhibit signs of weakness ever since it broke down under the key $0.20 mark. At the time of writing, DOGE/USD is trading at around $0.177.

On December 6, Dogecoin successfully completed eight years of existence in the highly competitive crypto market, although it has lost its spot among the top 10 digital currencies this week. DOGE slid in rankings to the 11th position as Terra’s LUNA overtook it earlier this week – not a great birthday gift, if you ask us.

However, the meme token did receive some relief after Google listed Dogecoin among the most popularly searched term in 2021. In the US as well as on a global level, Dogecoin came in as the fourth most searched news term. What’s even more interesting is that it was the most searched cryptocurrency through 2021 so far, with “Ethereum Price” being the only other crypto-related search query in the top 10.

The news failed to drive much price action or buying activity in DOGE, as investors seem weighed down by the bearish mood in the overall cryptocurrency market. Bitcoin, the leading crypto in terms of market cap, fails to move past the $50,000 after falling towards this level during the flash crash last weekend. A lack of buyers in the crypto market and the bearish sentiment are among the key drivers of the lackluster moves in the memecoin lately.

Looking ahead, there may be some news to cheer as the holiday season comes around. According to a recent analysis by BlockFi, nearly 10% of Americans want to gift cryptocurrencies to their loved ones this Christmas. While Bitcoin remains the favorite crypto in this regard, Dogecoin and Ethereum came in as the second and third most popular choices. Meanwhile, 25% of Australian crypto users are planning to gift crypto-centric products this Christmans, as per a recent survey by Crypto.com.

DOGE/USD Technical Analysis

Taking a look at the H4 chart of DOGE/USD, most of moving averages are suggesting a bearish bias. However, leading technical indicators MACD and momentum point to some buying interest among investors too.

Dogecoin’s price is holding just above the pivot point at $0.174 but seems to be stagnating around this level. We need to see the bearish sentiment in the crypto market overturn for buying pressure to build up adequately until DOGE can reclaim the $0.20 level and test the immediate resistance at $0.224.