Dogecoin continues to trade under pressure as price action remains weak near a key technical support area.
The token is hovering around the $0.120 level after declining roughly 2% over the past 24 hours.
On a monthly basis, Dogecoin is down more than 12%, reflecting sustained bearish sentiment.
Despite the downtrend, the pace of losses has begun to slow in recent sessions.
Technical indicators still point to a bearish structure on higher time frames.
However, momentum readings suggest selling pressure may be losing strength.
Traders are closely watching whether price breaks decisively below current support.
A confirmed breakdown could open the door to deeper downside movement.
At the same time, on-chain data shows signals that challenge the bearish narrative.
Speculative holders appear to have exited positions aggressively earlier in the decline.
This wave of exits has reduced the risk of forced selling near current levels.
Analysts say much of the short-term leverage has already been flushed from the market.