DOGE dips 9% as memecoins underperform

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. 

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.