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Key takeaways

• Dogecoin is down 7% in the last 24 hours, making it the worst performer among the top 10.
• The leading memecoin could record further losses as technical indicators switch bearish.

Memecoins underperform as the broader market dips

The cryptocurrency market is having a poor start to the week as Bitcoin, Ether, and XRP are all in the red. The biggest losers remain the memecoins, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), extending the decline from last week.

Dogecoin has lost 7% of its value in the last 24 hours, making it the worst performer among the top 10 leading cryptocurrencies by market cap. It is currently trading below the crucial moving averages, aiming for the immediate support to enable it rally higher. 

The decline in Dogecoin aligns with the broader market pullback, as Bitcoin (BTC) drops below $93,000 on Monday after a leverage-driven rally failed to hold momentum.

DOGE could dip lower if the selling pressure persists

The DOGE/USD 4-Hour chart is bearish and efficient, thanks to Dogecoin losing 7% of its value in the last 24 hours. 

At press time, DOGE is trading at $0.1275, below the 20-day Exponential Moving Average at $0.1375 and the 50-day EMA at $0.1417, maintaining a bearish setup as both averages slope lower.

The Moving Average Convergence Divergence (MACD) histogram on the 4-hour chart has slipped into negative territory and is expanding, suggesting strengthening bearish momentum. 

The Relative Strength Index (RSI) at 37 reflects an increase in selling pressure and is getting closer to the oversold region. 

If the bulls regain control, DOGE could rally towards the $0.14 level in the near term. However, failure to improve the market sentiment could see DOGE slip below the December 31 low at $0.1161. An extended bearish run could allow the bears to target the October 10 low at $0.09500.

The post Will DOGE slip below $0.11 if selloff continues? Check forecast appeared first on CoinJournal.

Key takeaways

• ETH is down 3% in the last 24 hours and is now trading above $3,200.
• The bearish performance comes amid renewed trade tensions between the U.S. and the EU.

ETH dips below $3,200 on the U.S.-EU trade tensions

Ether, the second-largest cryptocurrency by market cap, is down 3.4% in the last 24 hours and briefly dropped below the $3,200 level. The coin is now trading at $3,205 after slightly recovering from the dip.

The bearish performance comes amid the ongoing trade tensions between the United States and the European Union. President Donald Trump threatened to escalate tariffs, starting at 10% on February 1 and rising to 25% by June, on imports from eight NATO allies (Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland).

The president added that the tariffs will stay in place until Denmark agrees to sell Greenland to the United States. 

Rachael Lucas, crypto analyst at BTC Markets, stated that,

“The latest U.S.-EU trade war headlines have certainly injected fresh volatility into an already uneasy market … adding a layer of geopolitical uncertainty that markets were in no shape to absorb. But while the headlines are loud, they’re not the fundamental driver of the current pullback in crypto.”

ETH eyes the $3,360 resistance level as the market begins recovery

The ETH/USD 4H chart is bearish and efficient after Ether lost more than 3% of its value in the last 24 hours. The technical indicators remain positive, suggesting that ETH could rally higher in the near term.

The RSI of 52 is above the neutral 50, indicating a fading bullish momentum. The MACD lines remain above the neutral zone, signalling that the buyers remain in control.

If the market recovery continues, ETH could rally towards the first major resistance level at $3,360 over the next few hours or days.

However, if the market correction continues, ETH could retest the January 12 swing low of $3,068.

The post Ethereum price forecast: Ether reclaims $3,200 after slipping to $3,170 appeared first on CoinJournal.