Key takeaways
- Dogecoin fell 7% over the past 24 hours, making it the worst performer among the top 10 cryptocurrencies by market capitalization.
- The leading memecoin could suffer further losses if technical indicators continue to turn bearish.
Memecoins lag as the broader market slips
The crypto market has started the week on a weak note, with Bitcoin, Ether and XRP all trading lower. Memecoins are taking some of the heaviest hits: Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) have extended last week’s declines.
Dogecoin has lost about 7% in the past 24 hours, making it the weakest performer among the top ten coins by market cap. It is currently trading beneath key moving averages and is searching for immediate support that could stabilize any recovery attempt.
DOGE’s drop is in line with the wider market pullback. Bitcoin slipped below $93,000 on Monday after a leverage-driven rally failed to maintain momentum.
DOGE could fall further if selling pressure persists
The 4-hour chart for DOGE/USD looks bearish and decisive, reflecting the coin’s roughly 7% decline over the past day.
At the time of writing, DOGE is trading around $0.1275, below the 20-period exponential moving average at $0.1375 and the 50-period EMA at $0.1417. Both EMAs are sloping downward, reinforcing the bearish bias.
The 4-hour MACD histogram has moved into negative territory and is widening, signaling strengthening bearish momentum.
The relative strength index (RSI) sits near 37, indicating rising selling pressure and edging closer to oversold conditions.
If buyers regain control, DOGE could test the $0.14 level in the near term. However, failure to improve market sentiment could push DOGE below the December 31 low at $0.1161. A prolonged bearish move could open the door to a revisit of the October 10 low near $0.09500.