The cryptocurrency market has been underperforming for the past few weeks, and the market cap has now dropped below the $2 trillion mark again.

The broader cryptocurrency market has underperformed over the past two months. Bitcoin and Ether set new all-time highs of $69,000 and $4,800 in November, with the total market cap reaching $3 trillion during that time.

However, the market has been in a downtrend since then, and Bitcoin is trading around the $42K level while Ether continues to struggle below the $3,500 resistance level. Dogecoin has also suffered massive losses in recent months.

The top meme coin is no longer one of the top cryptocurrencies by market cap. At press time, DOGE is trading at $0.1643, down more than 3% in the last 24 hours. DOGE could post further losses in the coming hours if the current market momentum remains the same.

There is no major catalyst behind this current bearish performance. DOGE, like the other major cryptocurrencies, has performed poorly in recent weeks.

Key levels to watch

The DOGE/USD 4-hour chart is very bearish, thanks to the cryptocurrency's performance over the last 24 hours. Technical indicators show that DOGE is underperforming and could drop further before the end of the week.

DOGE is trading below the 50-day simple moving average price of $0.19. Furthermore, the 14-day relative strength index of 40 shows that DOGE could soon enter the oversold region if market momentum continues.

The MACD line has been below the neutral zone since the start of the week. If the bears remain in control, DOGE could drop below the $0.12 resistance level in the next few hours. In the event of a prolonged bearish performance, DOGE could drop below the $0.10 level and trade around $0.09 for the first time in months.

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