Dogecoin [DOGE], known for its quirky origins, experienced a significant downturn of 15.55% over the last 24 hours, according to CoinMarketCap.
This decline was emphasized by the Relative Strength Index (RSI), which dropped well below the neutral level into the oversold zone.
In the unpredictable world of cryptocurrencies, extreme RSI levels often signal a potential rebound.
Sumit Kapoor, founder of WiseAdviceSumit, noted, “Bullish recovery soon.”
Until the 3rd of July, the MACD indicator suggested bullish sentiment, but on the 4th of July, bearish forces gained momentum, highlighting DOGE’s ongoing market volatility.
Despite this downturn, billionaire entrepreneur Elon Musk stated in a recent interview, “I intend to personally support Dogecoin.”
His comments have given hope to investors worried about DOGE’s declining price. Musk also claimed in a separate interview, “Dogecoin is better suited for transactions as compared to Bitcoin.”
AMBCrypto analyzed data from IntoTheBlock, revealing that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment.
In contrast, Bitcoin [BTC] showed a more bearish outlook, with bear activity surpassing that of the bulls. Both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market.
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A decline in Bitcoin typically triggers a market-wide downturn, and similarly, when Dogecoin falls, the entire memecoin segment follows suit.
This pattern underscores the significant influence these top coins have on market trends and investor behavior.
As of the latest update, Bitcoin was trading at $54,000, marking a 4.72% decline in the past 24 hours.
Consequently, the global crypto market cap decreased by 6.91%, now standing at $1.99 trillion.
Dogecoin, meanwhile, was trading at $0.09551, experiencing a significant 15.55% drop within the same timeframe.
The memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours, as per CoinGecko.
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