CoinDesk Report:
Dogecoin Price Analysis
The Relative Strength Index (RSI) highlights the downward trend as the index has fallen below neutral levels, entering oversold territory.
Despite the volatility in the cryptocurrency market, extreme Relative Strength Index (RSI) levels (including overbought and oversold levels) often signal the potential for a rebound.
Therefore, Sumit Kapoor, founder of WiseAdviceSumit, pointed out, “The bull market recovery is imminent.”
However, it is worth noting that until July 3, the Moving Average Convergence Divergence (MACD) indicator showed bullish sentiment, but a shift occurred on July 4, with bearish momentum strengthening, particularly emphasizing the continued volatility in the DOGE market.
Despite the turbulent economic environment, billionaire and entrepreneur Elon Musk recently stated in an interview, “I personally support Dogecoin.” His comments brought a glimmer of hope to investors concerned about the downward trend in DOGE prices.
In another interview, Musk also stated, “Compared to Bitcoin, Dogecoin is more suitable for transactions.”
Regarding the comparison between Dogecoin and Bitcoin, AMBCrypto analyzed data from IntoTheBlock and found that as of the time of writing, the number of long positions in Dogecoin exceeds short positions, indicating a potential shift in market sentiment.
In contrast, Bitcoin [BTC] has shown a more pessimistic outlook, with bearish activity surpassing bullish activity.
Interestingly, both Bitcoin and Dogecoin serve as benchmarks for the broader cryptocurrency market.
A drop in Bitcoin prices typically triggers a downturn in the entire market, while a decline in Dogecoin prices affects the entire memecoin market.
This phenomenon highlights the significant impact of these top tokens on market trends and investor behavior.
As of the latest update, Bitcoin is trading at $54,000, a decrease of 4.72% over the past 24 hours. The global cryptocurrency market value has consequently 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% drop in the same period.
According to CoinGecko data, the memecoin market cap is $381 billion, with a sharp 20.1% decline in the past 24 hours.
