Key takeaways
- Dogecoin extends its correction as memecoins suffer steep losses.
- If the bearish trend persists, DOGE could fall below $0.10.
Memecoins record significant losses
The cryptocurrency market opened the week on a bearish note, with Bitcoin slipping under $77,000 and risk appetite weakening across digital assets. That deterioration weighed heavily on memecoins, which started the week on the back foot after a broader market pullback.
Dogecoin, Shiba Inu and Pepe faced heavy selling pressure following last week’s correction and remain vulnerable to further downside. Among the top 10 cryptocurrencies by market capitalization, DOGE is one of the weakest performers, down roughly 5%.
Dogecoin briefly rallied last week and retested an important weekly resistance zone near $0.119 before sellers reasserted control. That rejection sparked renewed downside momentum, with DOGE dropping nearly 6% through Sunday and extending losses on Monday as it traded below $0.106.
Technical outlook: DOGE risks deeper correction below key EMAs
On the 4-hour chart, DOGE/USD shows a bearish structure after moving below several support levels. A daily close beneath the 100-day Exponential Moving Average (EMA) near $0.106 could intensify selling pressure and push prices toward the 50-day EMA around $0.103.
If DOGE decisively breaks the 50-day EMA, the previous trendline breakout zone near $0.090 may come into play as the next major downside target. That area represents a key support level traders will watch if selling accelerates.
Momentum indicators reinforce the cautious outlook. The Relative Strength Index (RSI) on the 4-hour chart sits near 41, below the neutral 50 midpoint, indicating growing bearish momentum. The Moving Average Convergence Divergence (MACD) registered a bearish crossover over the weekend and remains in a configuration that favors downside risk in the near term.
Despite the bearish signals, a short-term rebound remains possible if buyers can defend the 100-day EMA support near $0.106. Holding that level could allow DOGE to recover toward the key weekly resistance zone around $0.119, but any meaningful recovery is likely dependent on broader market direction.
Overall, market sentiment—particularly Bitcoin’s trajectory—remains the dominant driver for memecoin performance. Traders should monitor key EMA levels, momentum readings and Bitcoin’s price action to gauge whether Dogecoin’s current correction will deepen or give way to a recovery.