Memecoin Meltdown: Are DOGE, SHIB, FLOKI, and PEPE Doomed?
- DOGE struggles with a 21% monthly drop, facing key resistance at $0.14.
- SHIB breaks support at $0.00001837 and eyes January low as a potential fallback.
- FLOKI sees 8 days of losses and may find support at the May low of $0.0001431.
The memecoin market has experienced a significant downturn, with an overall market cap declining 10% to $46.499 billion. This decline is part of a broader crypto market correction, which saw a 2.09% drop in market cap, bringing it down to $2.36 trillion. Notably, Bitcoin also felt the ripple effects, falling 1% and hovering around the $65K mark.
Dogecoin’s Continued Struggle
Dogecoin (DOGE) has been trending downward over the past month, with a significant 21% drop in value. The decline continued across weekly and daily charts, showing 13% and 8.30% losses, respectively.
DOGE/USD 1-Day Chart (Source: Coinmarketcap)
This downturn followed an unsuccessful attempt to overcome the resistance level at $0.14, which led to a further drop to a support level of $0.1179. Despite these setbacks, a recovery is possible if Dogecoin can rise above the critical level of $0.138. If this upward movement materializes, the following resi…
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