Dogecoin experienced a significant price drop of over 11% in the last 24 hours, currently trading at $0.1927 with a volume of $2.69 billion. This follows a weekly decline of 4.23%.

While Dogecoin saw a notable price surge on March 3rd, these gains were short-lived, with the price falling below $0.202 on March 4th. This raises the question: is Dogecoin an undervalued cryptocurrency?

Dogecoin, one of the earliest memecoins, has yet to reach the $1.00 mark since its launch. Its all-time high, reached on May 8, 2021, is 74% higher than its current price. (Source: TradingView)

The cryptocurrency has faced ongoing criticism due to its association with influential figures like Elon Musk. Dogecoin's price has frequently been influenced by Musk's statements on social media and elsewhere.

According to TradingView, Dogecoin's price has fallen 39.35% year-to-date, trading below its 20, 50, 100, and 200-day exponential moving averages. (Source: TradingView)

Despite this bearish trend, Dogecoin is projected to retest resistance levels at $0.2355 and $0.33170. Support levels are anticipated at $0.18097 and $0.14540.

Dogecoin's 10-day exponential moving average is $0.21426, its simple moving average is $0.21147, and its Hull moving average is $0.21025.

The decline extends beyond price, with Dogecoin's market capitalization falling over 8.24% in a week to $28.54 billion, representing a roughly 38% decrease over the past 30 days. Its market cap remains below its 20, 50, 100, and 200-day exponential moving averages. However, the recent bullish triangle pattern resembles the sharp price increase seen in 2021.

In the past 24 hours, Dogecoin traded as high as $0.2239 and as low as $0.1876. Over the past 30 days, the highest price was $0.2925 and the lowest was $0.1819. Is Dogecoin's influence on the memecoin market waning?

The broader memecoin market has also experienced a downturn. CoinMarketCap reports a market cap of $52.36 billion and a trading volume of $10.52 billion, with a 29.11% loss in the last 24 hours.

Dogecoin remains one of the most popular meme tokens, followed by Official Trump, Shiba Inu, Pepe, and Fartcoin. In terms of market capitalization, Dogecoin holds the top spot, with SHIB in second and Official Trump in fourth.