• Dogecoin (DOGE) has slumped during Wednesday's US trading hours.
• The sell pressure began after DOGE failed to break above its 21-Day Moving Average (DMA) in the mid-$0.070s, and after a failed attempt on Tuesday to retest the 200DMA around $0.079.
• Prior to Dogecoin’s drop that began in early March, the $0.079 area had been acting as a key zone of support. That support has clearly now turned to resistance.
• Dogecoin’s latest drop has seen it fall back to the south of the $0.07 level, where it trades lower by around 7.5% on the day and approximately 10% lower in the last 24 hours.
• The downside comes as broader cryptocurrency markets succumb to sell pressure, after pumping earlier this week.
• Dogecoin’s latest reversal lower from key areas of resistance suggests that the bulls are far from regaining control.
• Technicians now think a retest of recent lows in the $0.065 area is far likelier than a rally back to the north of $0.08.
• Some bulls are rightfully concerned that Dogecoin might soon retest last year’s lows in the $0.05 area.
• High-profile Wall Street executives like Larry Fink and Ray Dalio have been warning that recent US bank troubles could be the start of a bigger crisis in the US banking sector.
• If they are right, we may soon be talking about aggressive Fed rate cuts.
• The combination of concern about the stability of the traditional finance sector and aggressively easing financial conditions could continue to support crypto, an alternative, decentralized financial system.
• Dogecoin, though created as a joke, has developed into a robust decentralized cryptocurrency network much like Bitcoin.
• If Dogecoin was to break to the north of the downtrend that has been in play since early February, that could open the door to a longer-term move back to recent highs in the $0.10 area.

The article has a negative sentiment as it talks about the slump of Dogecoin and the bearish near-term price predictions.