The last 24 hours saw the price of DOGE decline by 2.5%, as it fell to $0.072517, with the entire crypto market recording a similar drop today.
This slide in the price of the original meme token compounds the recent losses it has recorded, which means it has now declined by 8% in the last week and its losses for the last 30 days stand at 11%.
Since the beginning of the year, Dogecoin has only recorded gains of 3%. This kind of underperformance is in direct contrast with the successes that other meme tokens have enjoyed in the last few weeks.
The latest success was recorded by Spongebob (SPONGE), which was listed on various exchanges, and has recorded gains of 9,000% since it was launched in the start of the month.
In fact, it is expected to see more rallies given that more exchange listings are expected to come.
The indicators for DOGE do not really look very promising currently, as the relative strength index (RSI) has dropped to almost 30, even though it had stood at 50 a couple of days ago.
Likewise, the 30-day moving average of the token also fell below its 200-day moving average, which indicates that there are more losses to come.
This concern is amplified by the continuous decline in the support level of Dogecoin, which had declined below the important level of $0.075 a day earlier.
But, while all of this has been happening, there has been a rise in the 24-hour trading volume of DOGE, which has clocked $600 million, even though this is mostly because most holders are selling their tokens.
Taking all these factors into account, it is likely that DOGE could decline from its current price of $0.070 in the next couple of days.
Once that happens, the largest meme token in the market would become oversold and then might be able to make a comeback.
Of course, the issue for DOGE is that it depends far too much on Elon Musk for making gains and the Twitter owner has not said much recently about his supposedly favorite crypto.
Nonetheless, this has not stopped the Dogecoin community from hoping that Twitter would eventually introduce crypto payments, including DOGE, one way or the other.
However, this could still take a while and there are no guarantees that any favored treatment would be given to DOGE over other cryptocurrencies.
But, if DOGE payment support is indeed added on Twitter, then this could certainly have a positive impact on the price of the token.
If that happens, then Dogecoin could lose the decimal place that it gained at the end of 2022 and has not been able to shake off.