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The cryptocurrency market underperformed over the past few days, but DOGE was the worst performer among the top 10.

The native coin of the Dogecoin ecosystem lost over 9% of its value over the last seven days and risks dipping further if market correction persists.

The cryptocurrency market was bearish over the last 24 hours as Bitcoin risks dropping below $114k while Ether is struggling to maintain its price above $3,600.

However, DOGE is the worst performer in the top 10, losing 9.3% of its value over the last seven days.

This is not surprising as memecoins are extremely volatile.

Memecoins led the market losses over the last 24 hours.

PENGU, the native token of the Pudgy Penguins ecosystem, has lost 5% of its value during that period, while other leading memecoins like BONK, TRUMP, PEPE, FLOKI, FARTCOIN, WIF, and JESMY are all down 1% or more over the last 24 hours.

Over the last 24 hours, DOGE has been trading within a $0.013 range, with lows of $0.198 and highs of $0.211.

A key liquidation event occurred on Tuesday afternoon,  with volumes reaching 877.9 million, nearly 4x the 24-hour average of 268.85 million.

The increase in volume triggered a breakdown below $0.205.

DOGE’s dip coincided with institutional outflows from crypto-linked ETFs.

Crypto-related ETFs lost $223 million over the past seven days as investors are worried about U.S. stagflation. 

In addition to that, the memecoin ecosystem remains under pressure as bearish sentiment grows among retail investors.

Large holders within the memecoin sector continue to rotate into higher-beta altcoins or cash positions. 

The DOGE/USD 4-hour chart is bearish as sellers currently dominate the market.

At press time, DOGE is trading at $0.19964 and risks dropping lower if the market sentiment persists.

DOGE has formed a new resistance around $0.205. After recovering a few hours ago, it has failed to take out this resistance level and now risks dropping to the $0.185 support region.

Failure to defend the $0.185 support level could see DOGE drop to $0.162 for the first time in a month.

The technical indicators are switching bearish thanks to the sell-off in the broader market.

The MACD lines are still within the negative territory, indicating selling pressure.

The RSI of 47 also shows that the bearish trend is growing stronger.

However, if the market correction ends and bulls regain control, DOGE could break above the $0.211 TLQ and resistance level in the coming hours or days.

An extended bullish run would allow it to hit the next trading range at $0.25.

The post DOGE to retest key support zones if $0.198 level fails: check forecast appeared first on Invezz

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