The biggest meme coin by market capitalization is down 12% over the past month, while its most recent plunge below a critical level suggests sellers may now be in full control.

On the other hand, Ali Martinez pointed to the formation of a rare setup that could be a precursor to a major bull run.

Will Bears Keep the Wheel?

DOGE has tumbled by roughly 5% on a 24-hour scale and is currently worth around $0.069 (according to CoinGecko). The X account BSCN noted that in its weekly anomaly report, Santiment flagged the meme coin as “hype without news,” warning that a price drop below $0.071 would hand control to the sellers.

“Santiment’s core read was that DOGE trades as amplified Bitcoin beta, falling harder in selloffs, and this session proved it on cue,” it added.

According to the analytics platform, a quick reclaim of the key $0.071 zone would repair the setup, but staying beneath it would indicate that bears continue to dominate.

Other market observers who also touched upon DOGE include Kamran Asghar and Scient. The former claimed that the token is approaching “a make or break” level, predicting that “the next big move could shock everyone.” The latter was firmly on the bearish side, expecting a further drop in the coming days.

The Bullish Signals

Contrary to its poor performance as of late, the renowned analyst Ali Martinez outlined that DOGE’s weekly TD Sequential indicator has flashed numerous consecutive buy signals. He labeled the development “a rare setup that could be warning a major bull rally is approaching.”

X user Cryptollica chipped in, too, noting the “dead attention” surrounding Dogecoin recently. At the same time, they believe this is the best moment to jump on the bandwagon, saying:

“Invest when no one else cares. That way, you will make money.”

The institutional interest is also worth mentioning. Earlier this week, spot DOGE ETFs witnessed their first green day since mid-June. However, the capital flowing into these products remains negligible, and appetite from big players like pension funds and hedge funds should seriously increase to positively impact the price.

Source: CryptoPotato