The crypto market started the month of April on a bearish note, highlighting increased selling pressure in the crypto space. Further, the leader of the memecoin category, Dogecoin price, has recorded a correction of over 12% in valuation, resulting in this altcoin breaking down its support level.
Furthermore, the top five memecoins have displayed a similar trend, with the price of dogwifhat (WIF) tokens recording the highest loss of over 14%. Meanwhile, other tokens include Shiba Inu, PEPE, FLOKI, and BONK, with each recording a loss of 6.5%, 12.15%, 9%, and 10.30% in their portfolios.
Dogecoin Price Breaks Down Its Crucial Support!
The DOGE price displayed constant price volatility during the first half of March, during which the price recorded a significant bullish move at the start, after which the price recorded a consolidated trend for a brief period. After this, it lost momentum and fell to test its low of $0.122.
Following this, the market regained momentum and jumped approximately 85% within the next eight days. After this, the bulls traded in a closed range between $0.206 and $0.227. Recently, the bulls experienced a bearish reversal, and since then, the price has been displaying a negative trend.
The Relative Strength Index (RSI) breaks down the halfway level, indicating an increased selling-over-buying pressure in the crypto industry. Moreover, the averages show a constant decline, suggesting a bearish action for the leader of memecoins this week.
Will DOGE Price Increase?
If the market pushes the Dogecoin price above the resistance level of $0.188, the bulls will regain momentum and test its upper level of $0.206 this week. Maintaining the price at that level will set the stage for DOGE memecoin to prepare to test its upper resistance level of $0.2275 in the coming time.
However, if the bears continue to dominate the market, the Doge coin price will continue losing momentum and fall to test its lower support level of $0.169 this month.
