• DOGE’s bearish thesis will only hold if it closes a daily candle below the $0.30 level.
• Currently, 58.3% of top DOGE traders hold short positions.

Dogecoin [DOGE], the world’s largest and most popular meme coin, is poised for a significant price decline as it has formed a bearish price action pattern.

On the 26th of December, the overall cryptocurrency market, including Bitcoin [BTC], Ethereum [ETH], and XRP, experienced a notable price decline, shifting market sentiment toward a downtrend.

Data shows that the major factors currently supporting DOGE’s bearish outlook are the overall market sentiment, traders’ bearish activity, and bearish price action.

Dogecoin technical analysis and key level

According to AMBCrypto’s technic