DOGE dips 9% as memecoins underperform

Key takeaways

DOGE is down 9% within the final 24 hours, making it the worst performer among the many high 10 cryptocurrencies by market cap.
Bulls are nonetheless focusing on the $0.311 mark regardless of the momentary dip.

Memecoins dump as market opens new week bearish

The crypto market began the brand new week bearish, with Bitcoin quickly dropping beneath $115k, whereas Ether examined the $4,488 assist degree. Nevertheless, memecoins had been the worst performers over the past 24 hours.

Dogecoin, the main memecoin by market cap, is down 9% within the final 24 hours. The bearish efficiency noticed DOGE drop beneath $0.26 earlier in the present day. Different memecoins are additionally down considerably over the past 24 hours. 

Shiba Inu has misplaced 6.7% of its worth, with PEPE (8%), PENGU (6.5%), BONK (10%), TRUMP (4%), and FLOKI (8%) all recording heavy losses. Nevertheless, merchants anticipate DOGE and others to bounce again quickly.

DOGE targets $0.311 resistance degree

The DOGE/USD 4-hour chart is bullish and environment friendly regardless of Dogecoin’s underperformance. The main memecoin’s worth broke above the symmetrical triangle sample final week, surging by 20% afterward. 

Nevertheless, it has misplaced 9% of its worth since Sunday and is now buying and selling round $0.265 per coin. The RSI of 66 exhibits that patrons are nonetheless in management, with the MACD traces nonetheless inside the bullish zone. 

If DOGE holds the each day assist degree at $0.256, it may lengthen its rally and goal a brand new month-to-month excessive of $0.311 over the subsequent few hours or days. An prolonged bullish run would permit DOGE to hit the $0.35 mark for the primary time since January. 

Nevertheless, failure to carry the $0.256 assist degree may see DOGE decline in direction of the subsequent main assist at $0.242

Nevertheless, Dogecoin’s sentiment information exhibits that merchants are extraordinarily bullish on the cryptocurrency. Its buying and selling quantity hit $9.02 billion on Saturday, its highest degree since early February. The rising quantity exhibits that merchants are taking extra curiosity in DOGE, with extra liquidity pouring into the Dogecoin ecosystem.