Despite recent gains, Dogecoin is facing potential price corrections with a lack of bullish signals. This situation suggests a contrary view to the broader market recovery and a possible decrease in investors' interest in Dogecoin.

Dogecoin's Market Behavior and Analysis

A decline in investor confidence is affecting Dogecoin's price, especially evident in the decreasing number of daily active addresses for Dogecoin, which has dropped to 57,000. This marks the lowest value in the last six months, with only 41,900 active addresses at the end of October 2023. This decline in confidence among investors could contribute to a further drop in the price of Dogecoin.

In addition, the Relative Strength Index (RSI) is currently below the neutral line at 50.0, indicating a movement towards a bearish zone. This downward trend in the RSI could intensify any corrections in the Dogecoin price, disappointing investors.

Dogecoin Price Analysis

Presently, Dogecoin is trading at $0.1505 with a slight increase of 1% but remains below the $0.151 mark. The previous price action indicated a rising wedge pattern for Dogecoin, which could have led to a price of $0.127. However, the breakout and correction occurred earlier than expected, causing a further decline in Dogecoin's price. To reach $0.127, DOGE would need a 13% increase.

If the resistance at the $0.151 level proves to be a bounce point, it could negate the bearish view for Dogecoin. In this scenario, Dogecoin might aim for a target of $0.160 as part of a price recovery.