Key takeaways
- Dogecoin fell 7% in the last 24 hours, making it the worst performer among the top 10 cryptocurrencies.
- The leading memecoin could suffer additional losses as technical indicators turn bearish.
Memecoins lag as broader market slips
The cryptocurrency market got off to a weak start this week as Bitcoin, Ether, and XRP all moved into the red. The biggest decliners were memecoins: Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) extended last week’s losses.
Dogecoin has lost about 7% of its value over the past 24 hours, ranking it the worst performer among the top 10 cryptocurrencies by market capitalization. It is trading below key moving averages and is looking for near-term support that could enable a rebound.
Dogecoin’s decline tracks the wider market setback, with Bitcoin (BTC) slipping below $93,000 on Monday after a leveraged rally failed to sustain momentum.
DOGE may slide further if selling pressure persists
The 4-hour DOGE/USD chart is bearish and shows growing downside momentum, reflecting Dogecoin’s 7% drop in the last day.
At the time of writing, DOGE changed hands at $0.1275, below the 20-period exponential moving average (EMA) at $0.1375 and the 50-period EMA at $0.1417. Both moving averages slope lower, preserving a bearish technical setup.
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 increased selling pressure and moving closer to oversold levels.
If buyers regain control, DOGE could rally toward $0.14 in the near term. However, failure to improve market sentiment may push DOGE below the December 31 low at $0.1161. A sustained bearish run could open the way for sellers to target the October 10 low near $0.09500.