Source: Cointelegraph/TradingViewThe relative strength index (RSI) has dropped from 52 to 38 since March 26, indicating increasing bearish momentum. “Dogecoin exhibits bearish momentum,” said crypto analyst Andrew Griffiths in a March 31 post on X. “The price is likely to stabilize below the pivot line at 0.1774, paving the way for potential declines to 0.1478 and 0.1283,” the analyst continued, adding:“A daily close below 0.1283 would signal a continued bearish trend toward 0.0850.”DOGE/USD 12-hour chart.
Key takeaways:Shiba Inu (SHIB), the second largest memecoin by market capitalization, was down 4.2% over the last 24 hours to trade at $0.00001206. Ethereum-based Pepe (PEPE) has dropped by 1.7% over the same period.24-hour performance of top-cap memecoins: Source: CoinMarketCapSolana-based Fartcoin (FARTCOIN) posted the most losses among the top-cap memecoins, dropping by 8% on March 31 to exchange hands at $0.4146.
US government has “no plans” to use Dogecoin - Elon MuskOne of the most significant catalysts for DOGE’s underperformance today is a statement from Elon Musk, a prominent figure whose influence on Dogecoin’s value is well-known.
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Author / Journalist: Cointelegraph by Nancy Lubale
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