Key takeaways
- Dogecoin fell 7% in the past 24 hours, making it the worst performer among the top 10 cryptocurrencies by market cap.
- The leading memecoin could face further losses as technical indicators turn more bearish.
Memecoins lag as the broader market slips
The crypto market has started the week in negative territory, with Bitcoin, Ether and XRP all trading lower. Memecoins have been hit particularly hard: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are continuing last week’s declines.
Dogecoin lost 7% of its value over the past 24 hours, making it the weakest performer among the top 10 digital assets by market capitalization. It is currently trading below key moving averages and is seeking nearby support levels that would be needed to resume an upward move.
DOGE’s drop mirrors the wider market pullback, after Bitcoin (BTC) slipped below $93,000 on Monday when a leverage-fueled rally failed to sustain momentum.
DOGE could slide further if selling pressure persists
The DOGE/USD 4-hour chart shows a clear bearish bias following the 7% decline in the last day.
At the time of writing, DOGE is trading around $0.1275, below the 20-period exponential moving average (EMA) at $0.1375 and the 50-period EMA at $0.1417. Both EMAs are sloping down, reinforcing the bearish setup.
The Moving Average Convergence Divergence (MACD) histogram on the 4-hour timeframe has moved into negative territory and is expanding, indicating strengthening downside momentum.
The Relative Strength Index (RSI) sits near 37, signaling increased selling pressure and edging closer to oversold conditions.
If buyers regroup, DOGE could see a short-term rebound toward the $0.14 area. However, failure to improve market sentiment could push DOGE below the December 31 low at $0.1161. A prolonged bearish trend might give sellers enough momentum to target the October 10 low around $0.09500.