Recently, the cryptocurrency market has shown a general trend of decline, influenced by the upcoming speech of the Fed chairman, leading to cautious investor sentiment. As one of the popular crypto assets, DOGE has also not been spared from market fluctuations.

Currently, the trading price of DOGE fluctuates between $0.21 and $0.23. Despite the price pressure, the user base of DOGE is showing a growth trend. On-chain data shows that the number of addresses with a non-zero balance has exceeded 8 million, reflecting its ongoing appeal.

From a technical perspective, DOGE has recently experienced a significant fall. The price has broken through several key support levels, including $0.240, $0.2320, and $0.2250, reaching a low of $0.2078. Although there was a slight rebound afterward, it has still not been able to return above $0.2250 and remains below the 100-hour simple moving average, indicating that it is still under pressure in the short term.

For the future trend of DOGE, market analysts have proposed two possible scenarios:

If it can break through the resistance above, $0.2250 will be the first key level, corresponding to the 50% Fibonacci retracement level of the recent decline. If it can hold above this level, it is expected to further test $0.2320, and even launch an attack towards the $0.2450 or $0.2550 area.

However, if the price fails to break through the resistance at $0.2250, it may trigger a new round of fall. In this case, $0.2120 will serve as the initial support, while $0.2050 will be a more critical support level. If it falls below this level, in the short term, DOGE may further probe down to around $0.20.

Despite the uncertainty in price trends, the continuous expansion of the DOGE community may provide some support for its long-term development. While investors focus on price Fluctuation, they should also closely monitor the development dynamics of its ecosystem.