Key Points
- Dogecoin fell 7% over the past 24 hours, making it the worst-performing asset among the top 10 by market cap.
- Leading memecoins could suffer further losses if technical indicators remain bearish.
Memecoins Underperform as Broad Market Slides
The cryptocurrency market started the week on the back foot as Bitcoin, Ether and XRP all turned red. Memecoins have been among the biggest losers, with Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) extending last week’s declines.
Dogecoin lost around 7% in the past 24 hours, marking it as the weakest performer among the top 10 digital assets by market capitalization. DOGE is now trading below key moving averages and is approaching immediate support levels that it must hold to stage a rebound.
Dogecoin’s drop mirrors the broader market pullback after Bitcoin slipped back below $93,000 on Monday following a leveraged-driven rally that failed to sustain momentum.
DOGE Could Fall Further if Selling Pressure Continues
The DOGE/USD 4-hour chart shows a bearish trend and increasing downside pressure, consistent with the 7% loss over the last 24 hours.
At the time of writing, DOGE trades at $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 downward, reinforcing the bearish outlook.
The Moving Average Convergence Divergence (MACD) histogram on the 4-hour chart has moved into negative territory and is expanding, indicating strengthening bearish momentum.
The Relative Strength Index (RSI) sits around 37, reflecting rising selling pressure and a move closer to oversold conditions.
If bulls regain control, DOGE could bounce toward $0.14 in the near term. However, failure to restore market confidence could push DOGE below the December 31 low of $0.1161. A prolonged downtrend could drive prices further toward the October 10 low near $0.09500.