Dogecoin (DOGE) had been giving a subpar performance in the weekly timeframe. The cryptocurrency had appeared to pick up the pace; however, the bulls failed and Dogecoin once again started moving downhill. In the past seven days, Dogecoin has fallen by 8%. At the time of writing, the cryptocurrency stands at a price level of $0.23. The price is decreasing in the daily timeframe as well and so has been the trading volume.

The market outlook for DOGE coin is bearish. Out of the twenty-six technical indicators, eleven are giving out an indication of sell while ten are standing at a neutral position with only five signals of buy. The oscillators are primarily neutral while the moving averages suggest a downtrend.

A trader has identified DOGE coin to be operating in an inverse head and shoulder formation. The cryptocurrency has successfully completed the formation of the left shoulder and head while the right shoulder may soon be completed. The inverse H&S formation is a bullish pattern with an upside breakout as the more likely trajectory. The trader has identified the potential price target at $0.44 which would give nearly 80% gains from the current price.

Dogecoin (DOGE) fame not dying anytime soon?

Despite the bearish trend in the price movements, Dogecoin does not appear to be losing any popularity. Freshman Congressman Barry Moore has revealed heavy investment in DOGE coin, Ethereum and Cardano. Glauber Contessoto, a Dogecoin investor, famous for investing his $250,000 lifesavings in Dogecoin has increased his Dogecoin portfolio as the cryptocurrency dips. Contessoto has added an additional $25,000 to his investment in the cryptocurrency.

So why is Dogecoin being bought despite the downtrend? One answer could be Elon Musk. The cryptocurrency continues to enjoy the protection of the billionaire CEO. Musk is also going full-force with Dogecoin’s development team to make it a global digital currency.