Dogecoin Plummets 15.55% Amidst Market Volatility, Elon Musk Offers Support
Release: 2024/07/09 15:29 Reading: 419
Dogecoin Dips, Investors Await Potential Rebound
Known for its unconventional origins, Dogecoin (DOGE) has experienced a notable 15.55% decline over the past 24 hours, as reported by CoinMarketCap. The Relative Strength Index (RSI) confirms this downturn, dropping below the neutral level into the oversold zone.
Despite the decline, several factors suggest a potential rebound for DOGE. Sumit Kapoor, founder of WiseAdviceSumit, predicts "bullish recovery soon." Additionally, Elon Musk's recent support for Dogecoin, stating his intention to personally support it, has sparked optimism among investors. Notably, Musk believes that Dogecoin is "better suited for transactions" compared to Bitcoin.
Data from IntoTheBlock indicates that Dogecoin bulls currently outnumber bears, suggesting a potential shift in sentiment. In contrast, Bitcoin (BTC) exhibits a more bearish outlook, with bear activity exceeding bull activity.
As major cryptocurrencies, Bitcoin and Dogecoin influence market trends and investor behavior. Bitcoin's recent decline precipitated a market-wide downturn, and Dogecoin's fall has similarly impacted the memecoin sector.
At the time of writing, Bitcoin trades at $54,000, a 4.72% decline over 24 hours. The global crypto market cap has decreased by 6.91% to $1.99 trillion. Dogecoin trades at $0.09551, marking a significant 15.55% drop. Its market cap stands at $38.1 billion, a 20.1% decline over the past 24 hours.
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