Will DOGE dip below $0.11 as selling pressure persists? Explore the latest forecasts.

Key Points

• Dogecoin has seen a 7% decline in the past 24 hours, making it the worst performer among the top ten cryptocurrencies.
• The dominant memecoin may face further losses as technical indicators shift bearish.

Memecoins Struggle as Market Declines

The cryptocurrency market has started the week on a downward trend, with Bitcoin, Ether, and XRP all experiencing losses. The biggest declines are seen in memecoins, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) extending last week’s downward spiral.

Dogecoin has dropped 7% in value over the last 24 hours, making it the poorest performer among the ten largest cryptocurrencies by market capitalization. It is currently trading below critical moving averages, testing immediate support levels in an attempt for recovery.

This decline in Dogecoin is occurring amid a broader market downturn, as Bitcoin (BTC) slipped below the $93,000 mark on Monday following a leveraged rally that failed to maintain its momentum.

DOGE May Decline Further if Selling Pressure Persists

The DOGE/USD 4-hour chart indicates a bearish outlook, prompted by the 7% drop in Dogecoin’s value over the past day.

At the time of publication, DOGE is trading at $0.1275, below the 20-day exponential moving average of $0.1375 and the 50-day moving average of $0.1417, maintaining a bearish setup as both averages slope downwards.

The histogram of the Moving Average Convergence Divergence (MACD) on the 4-hour chart has entered negative territory and is extending further, indicating a strengthening bearish momentum.

The Relative Strength Index (RSI) at 37 reflects heightened selling pressure, approaching oversold territory.

If bullish sentiment returns, DOGE might rebound towards the $0.14 level in the short term. However, failure to improve market sentiment could push DOGE below the December 31 low of $0.1161. A prolonged bearish trend could allow sellers to target the October 10 low of $0.09500.