Key points
- Dogecoin has lost its spot as the 8th largest cryptocurrency by market capitalization after Tron’s TRX overtook it.
- The coin could slide to $0.15 as broad market sentiment remains bearish.
TRX Overtakes Dogecoin
Tron’s TRX emerged as the best-performing cryptocurrency among the top 10 by market cap after a strong start to the week. TRX surpassed Dogecoin to become the eighth-largest crypto by market value.
Dogecoin’s market capitalization sits around $25.5 billion, while TRX climbed to roughly $26 billion. With Dogecoin trading near $0.17, it may face short-term selling pressure before any meaningful rally can take place.
The selling pressure comes amid broader risk-off conditions across financial markets linked to ongoing conflicts in the Middle East. Dogecoin, Shiba Inu and other major memecoins have underperformed as investors shift capital toward safer assets.
Despite the present bearish environment, analysts remain cautiously optimistic about Dogecoin’s medium- to long-term prospects. DOGE is still about 76% below its all-time high of $0.7376, indicating substantial upside potential over coming weeks and months if sentiment improves.
DOGE Could Test the $0.50 Psychological Level Ahead of a Rally
At the time of writing, Dogecoin is trading at $0.1716, up roughly 1% over the past 24 hours. While many analysts expect a medium- to long-term recovery, DOGE may struggle in the short term.
The DOGE 4-hour chart shows the token in a downtrend. The RSI has fallen to 48 from 66 earlier this month, signaling mounting selling pressure. If this trend continues, RSI could move into oversold territory.
MACD has also slid into negative territory, indicating buyers have ceded control. Continued negative momentum could push DOGE to test support around $0.163 before potentially dropping toward the psychological $0.15 level.
Conversely, if bullish forces return to the market, DOGE could test external liquidity near $0.20 in the coming days or weeks. The short-term path will largely depend on broader market sentiment and any shifts in risk appetite.