Memecoins Record Substantial Losses
The cryptocurrency market began the new weekly period with a bearish tone as Bitcoin slipped below the 77000 level on Monday and risk appetite weakened across digital assets overall.
Meme coins opened the week on uncertain ground while the wider market continued to face challenges. Dogecoin, Shiba Inu and Pepe all showed vulnerability to additional downside moves after selling pressure increased following the prior week's market adjustment.
DOGE declined by 5 percent and ranked as the weakest performer among the top ten cryptocurrencies by market capitalization. The token briefly recovered last week and tested the weekly resistance area near 0.119 on Thursday before sellers reasserted dominance.
That rejection led to renewed downside momentum with DOGE falling nearly 6 percent through Sunday and extending losses on Monday as the token moved below the 0.106 level.
Technical Outlook for DOGE Shows Continued Bearish Bias
The DOGE USD four hour chart presents a bearish configuration after the leading memecoin fell below key support levels. A daily close below the 100 day exponential moving average near 0.106 could intensify selling toward the 50 day EMA around 0.103.
A clear break beneath that support zone may open the way toward the previous trendline breakout region near 0.090 which now serves as the next significant downside objective.
Momentum indicators support the bearish perspective for Dogecoin. The relative strength index on the four hour chart sits near 41 having moved below the neutral 50 threshold and indicating that bearish momentum is gaining strength.
At the same time the moving average convergence divergence indicator confirmed a bearish crossover on Saturday a signal that remains active and continues to favor downside risk in the near term.
Despite the prevailing bearish setup Dogecoin could still attempt a short term rebound if buyers manage to hold the 100 day EMA support near 0.106. A sustained position above that level might permit DOGE to recover toward the key weekly resistance zone around 0.119.
Broader market sentiment particularly the direction of Bitcoin is expected to remain the primary driver for meme coin price action in the near term.
