‘Under pressure’ Dogecoin down by 40%, but is more downside ahead for memecoin?

Dogecoin [DOGE] has fallen by over 40% since 22nd September, with the memecoin losing its position among the top-10 cryptos by market cap. In fact, it has fallen by over 12% to a cap of around $9.88 billion over the last seven days, with the price at $0.063 at press time. In fact, DOGE seemed to be trading in a descending trend channel, with the $0.059-$0.060 level emerging as a key support. Its daily trading volumes have also fallen significantly. The average net volume was seller-dominated, with 265.5 million DOGE tokens exchanged for USDT on Binance's spot market.