Recently, DOGE has declined along with the overall adjustment of the Crypto Assets market, breaking below the important support level of $0.12. From the perspective of Technical Analysis, DOGE shows a bearish trend in the short term. However, the Relative Strength Index (RSI) on the 4-hour chart indicates that DOGE may be in an Oversold condition, suggesting a potential small-scale Rebound. Nevertheless, investors should remain cautious of the strong selling pressure around $0.13.

Despite the weak price performance, the enthusiasm of the DOGE community has not waned. Tesla CEO Elon Musk once again mentioned concepts related to DOGE payments, which undoubtedly injected a boost into the market. More notably, on-chain data reveals that over the past two weeks, large addresses have consistently increased their DOGE holdings, which may lay the groundwork for future market trends.

If Bitcoin can stabilize, DOGE is likely to take advantage of this to rebound. However, to reverse the current downward trend, DOGE needs to break through the key resistance level of $0.15. From a mid to long-term perspective, the valuation support for DOGE requires more practical application scenarios to be developed and implemented. Otherwise, this high volatility characteristic may continue.

In the current market environment, investors need to be particularly vigilant about the risks brought by sudden changes in sentiment. At the same time, they should closely monitor community dynamics and the behavior of large holders, as these factors may become key forces driving the price movement of DOGE.