If the sell-off continues, will DOGE slide below $0.11? Check the forecast
Key receivers
Dogecoin is down 7% in the last 24 hours, making it the worst performer out of the top 10.
The leader memecoin may record further losses as technical indicators turn bearish.
Memecoins underperform when the broader market declines.
The cryptocurrency market is having a weak start to the week as Bitcoin, Ether and XRP are in the red. The biggest losers remain Memecoins, along with Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE), extending their decline from last week.
Dogecoin has lost 7% of its value in the last 24 hours, making it the best performer among the top 10 major kriptovalyutnyhs by market capitalization. It is currently trading below its critical moving average, aiming to find immediate support to rally higher.
Dogecoin's decline coincided with the broader market's reversal, as Bitcoin (BTC) fell below $93,000 on Monday, failing to be buoyed by a larger-led rally.
If the selling pressure continues, the DOGE may go lower.
The DOGE/USD 4-hour chart is weak and bearish, thanks to Dogecoin losing 7% in value over the past 24 hours.
At the time of press, DOGE is trading at $0.1275, compared to the 20-day EMA at $0.1375 and the 50-day EMA at $0.1417, with both averages moving lower and expecting a bearish configuration.
The moving average converging divergence (MACD) histogram on the 4-hour chart has entered negative territory and is widening, suggesting a strengthening bearish momentum.
The Relative Strength Index (RSI) at 37 reflects increasing selling pressure and is approaching oversold territory.
If the bulls regain control, DOGE could rally to the $0.14 level in the near term. However, failure to improve market sentiment could see DOGE lower than the December 31 low at $0.1161. An extended bullish run allows bears to target the October 10 low at $0.09500.
