Revisiting March’s low yesterday, following over 15% decline in a week, Dogecoin recovered briefly after holding it as support.
The recent tension in the Middle East has led the entire crypto market into a serious bloodbath over the weekend due to fear, uncertainty and doubt – FUD across the space. While several spot hodlers panicked and sold their positions, millions of dollars were liquidated on the futures trading.
Doge Shares Major Loss As Bitcoin Falls
Doge’s latest rollercoaster is not far-fetched, as it shared a major loss in the latest Bitcoin price drop. This brought the primary meme coin back to March’s low yesterday and is now holding it as temporary support.
Acting upon that support with a slight rejection, the price has recovered slightly to where it now trades at around $0.153. Further increases could facilitate a more robust recovery in the coming days.
While its market structure is still considered bearish on the short-term outlook, we may see more breakdowns if the current low fails to hold. Though demand may appear low at the moment. But from the look of things, there’s still hope for trend reversal.
Few Meme Coins Recovered Some Ground
As Doge remains weak due to the recent market fallout, Fartcoin and Pengu have recovered nicely from their recent dip as they post gains at the time of writing. Although their structure remains bearish on the daily chart. While the former is up by 9%, the latter just registered a 5% gain in the past hours.
Other top Solana-based meme coins like WIF have joined the party with just 1% recovery in the last 24 hours. However, the meme coin market and the rest of the cryptocurrency sector could regain strength if Bitcoin stays well above $100k amid the latest US-Iran conflict. Otherwise, bigger losses can be expected.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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