Dogecoin (DOGE) has experienced a slight pullback in the past 24 hours. According to data, Dogecoin fell 25% last week. This downward trend is highlighted by the relative strength index (RSI), which has fallen below the neutral level and entered the oversold zone. Extreme RSI levels usually indicate a potential rebound.
The MACD indicator showed bullish sentiment until July 3, but on July 4, bearish forces began to increase, highlighting the current market volatility of Dogecoin. Despite this, billionaire entrepreneur Elon Musk said in a recent interview, "I intend to personally support Dogecoin." His comments brought hope to investors who are worried about the decline of DOGE prices. Musk also claimed in another interview that Dogecoin is more suitable for trading than Bitcoin.
Bitcoin (BTC) has a more bearish near-term outlook
Despite the volatile market, Elon Musk’s supportive comments have given Dogecoin investors a ray of hope. Musk has always been a staunch supporter of Dogecoin, and his comments often have a significant impact on market sentiment. Many analysts believe that Musk’s support could help Dogecoin rebound in the coming days.
DOGE’s upcoming price rebound
Dogecoin’s current oversold state could signal an upcoming price rally. The relative strength index (RSI) entering the oversold zone often indicates that a market reversal could be in the cards. Add in the support of Elon Musk, and sentiment could shift quickly.
In addition, there is a certain linkage between Dogecoin and Bitcoin’s performance. When Bitcoin prices fall, it often drives the entire crypto market down. Similarly, when Dogecoin prices fall, the meme coin sector will also be affected. This linkage further highlights the huge influence these top cryptocurrencies have on the market.
Although Dogecoin has experienced significant losses recently, market analysts and investors remain optimistic about its future performance. Elon Musk's support and current market conditions may bring new growth opportunities for Dogecoin. In the cryptocurrency market, volatility is the norm, and investors need to stay calm and pay close attention to market dynamics.
For investors looking for opportunities amid market turmoil, Dogecoin’s current situation may be a good time to pay attention. With the shift in market sentiment and Elon Musk’s continued support, Dogecoin may see a new rise in the near future.
