CoinMarketCap Reports:
DOGE Falls 15%, Musk Expresses “Intention to Personally Support Dogecoin”
According to data from CoinMarketCap, Dogecoin (DOGE) has experienced a significant drop of 15.55% in the past 24 hours.
Price Analysis of Dogecoin:
The Relative Strength Index (RSI) highlights this downward trend, falling below the neutral level and entering the oversold zone. In the volatile cryptocurrency market, extreme RSI levels (overbought and oversold) often indicate potential rebounds. Sumit Kapoor, the founder of WiseAdviceSumit, pointed out that “a bull market recovery is imminent.”
It is worth noting that until July 3rd, the MACD indicator suggested a bullish sentiment, but on July 4th, the bearish strength increased, highlighting the continued volatility in the DOGE market.
However, in the volatile world of cryptocurrency, extreme RSI levels (overbought and oversold) often indicate potential rebounds. Therefore, Sumit Kapoor, the founder of WiseAdviceSumit, pointed out that “a bull market recovery is imminent.”
It is worth noting that until July 3rd, the MACD indicator suggested a bullish sentiment, but a reversal occurred on July 4th as the bearish strength increased, highlighting the continued volatility in the DOGE market.
Musk Holds a Positive Attitude towards Dog-Themed Memecoins
Despite the significant economic downturn, billionaire entrepreneur Elon Musk expressed in a recent interview, “I personally intend to support Dogecoin.” His comments have brought a ray of hope to investors concerned about the downward trend of DOGE prices.
In another interview, Musk also claimed, “Compared to Bitcoin, Dogecoin is more suitable 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 are more long positions than short positions in Dogecoin, indicating a possible change in sentiment.
In contrast, Bitcoin [BTC] has shown a more pessimistic outlook, with bearish activity surpassing bullish activity.
Interestingly, both Bitcoin and Dogecoin are important benchmarks in the cryptocurrency market.
The latest price of Bitcoin is reported at $54,000, experiencing a 4.72% drop in the past 24 hours. This decline has affected the global cryptocurrency market, with a market capitalization of $1.99 trillion, decreasing by 6.91%.
Meanwhile, the price of Dogecoin is $0.09551, experiencing a staggering 15.55% drop in the same period.
Furthermore, according to data from CoinGecko, the market capitalization of memecoins is $38.1 billion, experiencing a significant drop of 20.1% in the past 24 hours. This demonstrates the profound impact of Dogecoin’s decline on the entire memecoin market.