Dogecoin (CRYPTO: DOGE) has been subject to massive outflows from its spot markets since the beginning of April, as the leading meme coin faces mounting selling pressure.

Here's a look at what happened and what could happen next.

What Happened: Since April 5, DOGE has seen a total of $120.48 million in net outflows from its spot markets, according to data from Coinglass. In the same time period, there has been a total of $4.9 million in net inflows.

When an asset records spot outflows, it means that more of its coins or tokens are being sold or withdrawn from the spot market than are being bought or deposited.

This indicates that Dogecoin investors are losing confidence and opting to liquidate their holdings.

The persistent outflows from the meme coin over the last two weeks highlight the lack of new capital flowing into the altcoin. If this trend continues, it could keep the coin range-bound or lead to another decline cycle.

On the technical front, Dogecoin’s Relative Strength Index (RSI) has continued to trend downward on the daily chart, further confirming the bearish outlook.

At the time of writing, this key momentum indicator, which measures an asset’s oversold and overbought market conditions, is below the 50-neutral line at 47.61.

When an asset’s RSI falls below the center line, it strengthens bearish momentum. This suggests that Dogecoin selling pressure is beginning to outweigh buying interest, signaling a potential dip in the asset’s price.

What To Watch For: With the crypto market’s volatility heightened by former President Donald Trump’s ongoing trade wars and Dogecoin currently struggling to attract fresh investment, the meme coin may test new lows.

If selling pressure strengthens, Dogecoin could revisit its year-to-date low of $0.12.

Conversely, a resurgence in new demand for the meme coin will invalidate this bearish outlook. In that scenario, Dogecoin’s price could break above $0.17 and climb to $0.20.

Dogecoin is currently trading at $0.134.