Early on Friday, Dogecoin (DOGE) is displaying signs of bearish trading, weighed down by the somewhat uncertain and cautious mood towards cryptos in general which are keeping investors disinterested from buying the memecoin. At the time of writing, DOGE/USD is trading at around $0.139.

Unlike some of the other cryptos in the top 20 list, DOGE has failed to recover much after market leader Bitcoin bounced back above the $37,000 mark. An uncertain regulatory climate weighs heavily on the mood of investors, keeping buying activity across the board weak. The joke-based crypto has been one of the most affected, as it lacks versatile use cases beyond enabling digital payments unlike several other cryptos that have made their mark with DeFi, NFTs and other dApps to support their on-chain activities and prices.

Markus Tries to Rally Community to Support Dogecoin

During the previous session, Dogecoin’s Co-founder Billy Markus posted appeals on Twitter requesting the community to work towards supporting the value of the memecoin’s brand. He urged the community to prevent indulging in spammy behavior which can devalue the brand and keep companies from considering DOGE as a reliable payment method as well as prevent new investors from entering the market.

Markus also asked investors to move away from price speculations on DOGE and believe in its long term potential. The team behind Dogecoin believes that its low transaction fees can make it a more credible alternative to enable digital payments, far more efficient than leading coins such as Bitcoin and Ethereum. In addition, its low price can attract several smaller retail investors and consumers to use the crypto as well.

Despite its current weakness and several experts being dismissive of the potential of memecoins in general, analysts remain optimistic that Dogecoin can stand apart and hold on in rankings amidst the current market volatility. Its cheap transaction fees make it one of the most attractive cryptocurrencies to use for digital transactions, a key feature that sets it apart. In addition, it has its own blockchain network unlike its key rival, Shiba Inu, making its infrastructure far more robust.

DOGE/USD Technical Analysis

Technical analysis of the 4-hour price chart of DOGE/USD reveals a bearish bias among almost all moving averages and the MACD. However, the momentum indicator points to the presence of some buyers as well.

Dogecoin’s price is trading right on the pivot point at $0.139 making it an interesting time to observe the price action. If more buyers jump in, we could see DOGE rise past this level until they encounter resistance at $0.153, and if not, we’ll need to keep an eye on support at $0.125 instead.