Is Dogecoin [DOGE] worth buying at this level? Answer might amaze you

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Since swooping below the $0.19-mark in December last year, Dogecoin [DOGE] has been on a consistent selling spree. This decline phase led the dog-themed crypto to match its yearly lows in June. Since then, however, the buyers have been striving to reclaim critical support levels.

In its previous bull run, the meme coin breakout fixated its position above its ten-month trendline support (white, dashed). The recent bearish pull from the Point of Control (POC, red) has retested this trendline support.

If it finds reliable rebounding grounds, DOGE could clinch a near-term rally before continuing its downtrend. At press time, DOGE was trading at $0.0618, down by 3.35% in the last 24 hours.

Source: TradingView, DOGE/USD

While the bearish pressure seemed to rekindle in the $0.08 zone, the resultant reversal pulled DOGE below its 20 EMA (red) and the 50 (cyan).

The POC zone marked a clash between the buyers and sellers, but the bearish engulfing candlestick made the bearish intentions quite evident.

Given the empirical revival inclinations of the coin from its long-term trendline support, the buyers would look to stop the ongoing bleeding. Any rebound from this zone could help buyers test the $0.068-zone before likely reversing.

However, a continued pull below the $0.061 mark would put DOGE in a position to book further losses. The sellers would aim to provoke a pull toward the $0.056-zone before a potential sluggish phase.

Source: TradingView, DOGE/USD

The Relative Strength Index (RSI) plunged below the 43-support to reveal a robust bearish edge. A continued trajectory below this mark would aid the