Will Dogecoin drop below $0.10 soon?
Dogecoin remains the leading meme coin but has underperformed in recent days.
The cryptocurrency market has performed well over the weekend, with nearly $100 billion added to the total market cap during that period.
The total cryptocurrency market cap stands around $1.88 trillion at press time, up from the $1.7 trillion recorded last week.
Bitcoin, the number one cryptocurrency by market cap, is down by less than 1% so far today and is trading above the $41k level. Ether is also underperforming and risks dropping below $2,850 soon.
DOGE, the native token of the Dogecoin ecosystem, is one of the worst performers amongst the top 20 cryptocurrencies by market cap.
DOGE has lost nearly 3% of its value in the last 24 hours and currently trades above $0.1195 per coin.
Despite its ongoing poor performance, DOGE remains the number one meme coin in terms of market cap. However, it lost its place as one of the top 10 cryptocurrencies by market cap and currently occupies the 13th spot in the market.
Key levels to watch
The DOGE/USD 4-hour chart is currently bearish, thanks to the poor performance recorded so far today. The technical indicators show that DOGE could record further losses over the coming hours.
The MACD line is below the neutral zone, indicating that the bears are currently in control of the market. The 14-day RSI of 32 shows that DOGE is currently in the oversold region and continues to face selling pressure.
If the bears remain in control, DOGE could trade below the $0.10 support level for the first time this year. However, the resistance level at $0.09 should limit further downward movement in the short term.
On the flip side, if the bulls regain control of the market, DOGE could rally past the first major resistance level at $0.1298 over the coming hours.