Dogecoin $DOGE dropped from the 50-day SMA ($0.17) on May 6 and dropped below the 20-day EMA ($0.15) on May 7.

The bears will try to consolidate their positions and drag the price towards the critical support at $0.12. This level could see strong buying by the bulls. If the price rebounds off the support, it will suggest that the DOGE/USDT pair can remain range-bound between $0.12 and the 50-day SMA for a few more days.

Buyers will have to overcome the barrier at the 50-day SMA to open the door for a rally to $0.21. On the other hand, a break below $0.12 would complete the bearish head and shoulders pattern and start a downtrend.$DOGE

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