Key takeaways
- Dogecoin extends its correction on Monday as memecoins record huge losses.
- DOGE could drop below $0.10 if the bearish trend persists.
Memecoins record huge losses
The cryptocurrency market opened the new weekly candle bearish, with Bitcoin (BTC) slipping below the $77,000 level on Monday and risk appetite deteriorating across digital assets.
Meme coins started the week on a weak footing as the broader cryptocurrency market continued to struggle. Dogecoin, Shiba Inu, and Pepe all remain vulnerable to further downside after heavy selling pressure emerged following last week’s market correction.
DOGE is down by 5%, making it the worst performer among the top 10 cryptocurrencies by market cap.
Dogecoin briefly rallied last week and retested the important weekly resistance zone near $0.119 on Thursday before sellers regained control.
The rejection triggered a fresh wave of downside pressure, with DOGE falling nearly 6% through Sunday and extending losses further on Monday as the token traded below the $0.106 level.
Technical outlook: DOGE risks a deeper correction below key EMAs
The DOGE/USD 4-hour chart is bearish as the leading memecoin has dropped below major support levels.
If DOGE closes the daily candle below the 100-day Exponential Moving Average (EMA) near $0.106, selling pressure could intensify toward the 50-day EMA around $0.103.
A decisive breakdown below that support area may expose the previous trendline breakout region near $0.090, which now acts as the next major downside target.
Momentum indicators continue to reinforce the bearish outlook for Dogecoin. The Relative Strength Index (RSI) on the 4-hour chart currently sits near 41, slipping below the neutral 50 threshold and signaling that bearish momentum is beginning to strengthen.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator confirmed a bearish crossover on Saturday, a signal that remains active and continues to support downside risk in the near term.
Despite the bearish setup, Dogecoin could still attempt a short-term rebound if buyers successfully defend the 100-day EMA support near $0.106.
A sustained hold above that level may allow DOGE to recover toward the key weekly resistance zone around $0.119.
However, broader market sentiment, particularly Bitcoin’s direction, is likely to remain the dominant driver for meme coin price action in the near term.
