Currency World Report:
The Relative Strength Index (RSI) highlights this downward trend, with the index dropping below the neutral level into oversold territory.
However, in the volatile world of cryptocurrencies, extreme RSI levels (overbought and oversold levels) often signal the potential for a rebound. Therefore, Sumit Kapoor, the founder of WiseAdviceSumit, pointed out: “The bull market recovery is on the horizon.”
It is worth noting that until July 3, the MACD indicator implied bullish sentiment, but a shift occurred on July 4 as bearish momentum strengthened, highlighting the ongoing volatility in the DOGE market.
Musk Positive on Dog-Themed Memecoin
Despite significant economic downturns, billionaire entrepreneur Elon Musk expressed his positive stance on the dog-themed memecoin, stating in a recent interview, “I personally intend to support Dogecoin.” His remarks brought a glimmer of hope to investors concerned about the downward trend in DOGE prices.
In another interview, Musk also claimed, “Compared to Bitcoin, Dogecoin is more suited for transactions.”
Dogecoin vs. Bitcoin
To provide a clearer picture, AMBCrypto analyzed data from IntoTheBlock and found that, as of the time of writing, there were more long positions than short positions in Dogecoin, indicating a potential shift in sentiment.
In contrast, Bitcoin [BTC] shows a more bearish outlook, with bearish activity surpassing bullish activity.
Interestingly, both Bitcoin and Dogecoin are benchmarks in the broader cryptocurrency market. A decline in Bitcoin often triggers a downturn across the entire market. Similarly, when Dogecoin falls, the entire memecoin market follows suit.
This pattern underscores the significant impact of these top tokens on market trends and investor behavior.
As of the latest update, Bitcoin is trading at $54,000, down 4.72% in the past 24 hours. Consequently, the global cryptocurrency market capitalization has fallen by 6.91%, currently standing at $1.99 trillion.
On the other hand, Dogecoin is trading at $0.09551, experiencing a significant 15.55% decline in the same period. Similarly, according to CoinGecko data, the memecoin market capitalization is $381 billion, marking a substantial 20.1% decrease in the past 24 hours.
