The recent decline in Bitcoin's price has had a ripple effect on Dogecoin, a popular meme token. As a result, Dogecoin's value has also dropped, leaving investors wondering what's next.

According to crypto analytics firm IntoTheBlock, Dogecoin is trading above a crucial level, with a significant buying spree at $0.11. This could establish a strong support area, preventing the price from falling further.

However, experts believe that Dogecoin's price may struggle to exceed $0.16. If it does reach this level, some investors may sell, causing the price to drop back to the starting point, rejecting further growth.

In the short term, Dogecoin's price may fluctuate between $0.12 and $0.15, according to Santiment, another crypto analytics firm. The weighted sentiment, a key metric for meme tokens, is currently negative, indicating a lack of optimism among investors. If this sentiment persists, Dogecoin's price may continue to consolidate. However, increased buying pressure could push the price above the $0.16 resistance level, potentially dropping to $0.12 in an upward scenario.

Interestingly, the average token age (MCA) has increased, suggesting a rise in new cryptocurrency accumulation. According to Santiment, Dogecoin's 90-day MCA has risen to 44.27, indicating a potential increase in investor interest.

In conclusion, Dogecoin's fate is closely tied to Bitcoin's performance, and investor sentiment plays a crucial role in shaping its price. While the current outlook may seem uncertain, increased buying pressure and a shift in sentiment could propel Dogecoin's price forward.