Coin News Report:
The decline of DOGE and BTC has impacted the broader cryptocurrency and meme coin markets. Elon Musk’s support for Dogecoin has brought hope for a future rebound.
Data from CoinMarketCap shows that Dogecoin, famous for its quirky origins, experienced a significant 15.55% drop in the past 24 hours.
Dogecoin Price Analysis
The Relative Strength Index (RSI) highlights this decline, plummeting into oversold territory well below the neutral level.
However, in the volatile world of cryptocurrencies, extreme RSI levels (overbought and oversold levels) often indicate potential for a rebound.
Therefore, Sumit Kapoor, founder of WiseAdviceSumit, pointed out, “A strong recovery is imminent.”
It is noteworthy that until July 3rd, MACD indicators hinted at optimism, but a shift occurred on July 4th with growing selling pressure, highlighting the continued volatility in the DOGE market.
Musk Maintains Positive Outlook on Dog-Themed Meme Coins
Despite the substantial economic downturn, billionaire and entrepreneur Elon Musk expressed in a recent interview, “I intend to personally support Dogecoin.”
His remarks have become a ray of hope for investors concerned about the downward trend of DOGE stock prices.
In another interview, Musk also stated, “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 bulls than bears for Dogecoin, indicating a potential shift in sentiment.
In contrast, Bitcoin (BTC) shows a more pessimistic outlook, with bearish activity surpassing bullish.
Interestingly, both Bitcoin and Dogecoin serve as benchmarks in the broader cryptocurrency market. A drop in Bitcoin often triggers a downturn across the entire market. Similarly, when Dogecoin falls, the entire meme coin sector follows suit.
This pattern underscores the significant influence of these top coins on market trends and investor behavior.
At the latest update, the trading price of Bitcoin is $54,000, marking a 4.72% decrease in the past 24 hours. As a result, the global cryptocurrency market cap has fallen by 6.91% to $1.99 trillion.
On the other hand, Dogecoin changed hands at $0.09551, experiencing a substantial 15.55% drop within the same timeframe.
Furthermore, according to CoinGecko data, the meme coin market cap stands at $381 billion, reflecting a significant 20.1% decline in the past 24 hours.
