During the oath-taking ceremony, as the President of the United States of America, Donald Trump failed to mention about cryptocurrencies in his speech. This further led to a significant overnight correction in the crypto market, with Bitcoin price retesting its $102k level.

Moreover, the memecoin segment recorded the highest correction with Trump meme coins crashing over 30%. The largest memcoin, Dogecoin price experienced a similar fate by breaking down its important support trendline.

DOGE Price Records Increased Bearish Action!

The Dogecoin price has displayed a southward trend for the 4th consecutive day, highlighting increased negative influence. Notably, the 07th largest crypto token has lost ~9% in 24 hours with a drop of over 23% in its intraday trading volume.

The Moving Average Convergence Divergence (MACD) records a constant decline in the green histogram. Further, the averages are on the verge of experiencing a bearish crossover in the daily time frame. This suggests an increase in the negative influence for the largest memecoin.

Moreover, the SMA indicator displays a similar price action, witnessing a bearish convergence in the Dogecoin price chart. This highlights that the DOGE meme coin may lose momentum this week.

Will DOGE Memecoin Hit $0.50 This Month?

Suppose, a bullish trend reversal occurs, under such a situation, the Doge coin price will retest its resistance level of $0.385. If the investor’s involvement intensifies at that point, this could push the price toward its upper resistance level of $0.440.

On the contrary, if the bears continue gaining momentum, the DOGE coin will retest its important support level of $0.325. Moreover, if the negative sentiment intensifies, this could result in it plunging toward its lower support level of $0.265.