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Key takeaways
- $DOGE is down 9% in the last 24 hours, making it the worst performer among the top 10 cryptocurrencies by market cap.
- Bulls are still targeting the $0.311 mark despite the temporary dip.
Memecoins dump as market opens new week bearish
The crypto market started the new week bearish, with Bitcoin temporarily dropping below $115k, while Ether tested the $4,488 support level. However, memecoins were the worst performers over the last 24 hours.
Dogecoin, the leading memecoin by market cap, is down 9% in the last 24 hours. The bearish performance saw $DOGE drop below $0.26 earlier today. Other memecoins are also down significantly over the last 24 hours.
Shiba Inu has lost 6.7% of its value, with PEPE (8%), PENGU (6.5%), BONK (10%), TRUMP (4%), and FLOKI (8%) all recording heavy losses. However, traders expect $DOGE and others to bounce back soon.
$DOGE targets $0.311 resistance level
The $DOGE/USD 4-hour chart is bullish and efficient despite Dogecoin’s underperformance. The leading memecoin’s price broke above the symmetrical triangle pattern last week, surging by 20% afterward.
However, it has lost 9% of its value since Sunday and is now trading around $0.265 per coin. The RSI of 66 shows that buyers are still in control, with the MACD lines still within the bullish zone.
$DOGE/USD 4H Chart">
If $DOGE holds the daily support level at $0.256, it could extend its rally and target a new monthly high of $0.311 over the next few hours or days. An extended bullish run would allow $DOGE to hit the $0.35 mark for the first time since January.
However, failure to hold the $0.256 support level could see $DOGE decline towards the next major support at $0.242
However, Dogecoin’s sentiment data shows that traders are extremely bullish on the cryptocurrency. Its trading volume hit $9.02 billion on Saturday, its highest level since early February. The rising volume shows that traders are taking more interest in $DOGE, with more liquidity pouring into the Dogecoin ecosystem.