Key Points
- Dogecoin fell 7% over the past 24 hours, making it the worst performer among the top ten cryptocurrencies by market cap.
- The leading memecoin could extend losses as technical indicators turn bearish.
Memecoins lag as the broader market slides
The cryptocurrency market started the week on a weak note, with Bitcoin, Ether and XRP all trading lower. Memecoins remain among the biggest losers: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) extended last week’s declines.
Dogecoin dropped 7% in the last 24 hours, marking it as the weakest performer among the top ten cryptocurrencies by market capitalization. It is trading below key moving averages and is approaching immediate support levels that will be critical for any rebound.
The decline in DOGE comes amid a broader market pullback, as Bitcoin (BTC) slipped below $93,000 on Monday after a leverage-driven rally failed to sustain momentum.
DOGE may fall further if selling pressure continues
The DOGE/USD 4-hour chart shows clear bearish momentum following the 7% drop over the past day.
At the time of writing, DOGE trades around $0.1275, below the 20-period exponential moving average at $0.1375 and the 50-period simple moving average at $0.1417. Both moving averages are sloping downward, reinforcing the bearish setup.
The MACD histogram on the 4-hour timeframe has moved into negative territory and is widening, indicating strengthening downside momentum.
The Relative Strength Index (RSI) sits near 37, reflecting rising selling pressure and approaching oversold levels.
If bulls regain control, DOGE could reclaim the $0.14 area in the short term. However, failure to improve market sentiment could push DOGE below the December 31 low of $0.1161. A prolonged bearish phase could open the way for sellers to target the October 10 low near $0.09500.