Key Takeaways
- DOGE has fallen 9% in the past 24 hours, making it the worst performer among the top 10 cryptocurrencies by market capitalization.
- Despite the temporary pullback, bulls are still targeting the $0.311 resistance level.
Memecoins retreat as market opens the week on a bearish note
The crypto market opened the week on a bearish tone, with Bitcoin briefly dipping below $115,000 while Ether tested support near $4,488. Memecoins, however, underperformed the most over the past 24 hours.
Dogecoin, the largest memecoin by market cap, dropped about 9% in the last day, pushing its price below $0.26. Several other memecoins also recorded notable declines during the same period.
Shiba Inu lost 6.7% of its value, while PEPE (-8%), PENGU (-6.5%), BONK (-10%), TRUMP (-4%), and FLOKI (-8%) all saw significant losses. Traders, however, expect DOGE and other memecoins to recover in the near term.
DOGE eyes $0.311 resistance level
The DOGE/USD 4-hour chart remains structurally bullish despite Dogecoin’s recent underperformance. Last week the price broke out of a symmetrical triangle pattern and climbed roughly 20% afterward.
Since Sunday, DOGE has lost about 9% and is currently trading around $0.265 per coin. A 4-hour RSI reading near 66 indicates buyers retain control, and MACD lines remain in bullish territory.
If DOGE holds the daily support at $0.256, it could resume its rally and target a new monthly high near $0.311 in the coming hours or days. A sustained upward move would open the path for DOGE to challenge $0.35 for the first time since January.
Conversely, failure to defend $0.256 could push DOGE toward the next key support around $0.242.
Sentiment metrics for Dogecoin show traders remain highly optimistic about the token. Trading volume reached $9.02 billion on Saturday, the highest level since early February. Rising volume suggests growing trader interest and increased liquidity flowing into the Dogecoin ecosystem.