Dogecoin Price Slides Amidst Crypto Market Correction: Down 4.82% to $0.15
Release: 2024/05/05 02:29 Reading: 274
Dogecoin's Value Declines Amidst Broader Crypto Market Downturn
Dogecoin's value has experienced a significant decline amidst a broader downturn in the cryptocurrency market. On April 27, DOGE witnessed a 4.82% decrease, settling at approximately $0.15.
Factors Contributing to Dogecoin's Decline
Several factors have contributed to Dogecoin's recent price downturn, including:
- U.S. GDP Report: The release of the U.S. gross domestic product (GDP) report on April 25 revealed that the U.S. economy's growth in the first quarter of 2024 fell short of expectations, recording a 1.6% increase instead of the anticipated 2.5%.
- Interest Rate Expectations: The anticipation of sustained high interest rates has led to a rise in the yield on the benchmark U.S. 10-year Treasury note, making riskier crypto assets less appealing to investors.
- Open Interest and Funding Rate: Dogecoin's open interest (OI) has declined significantly, and the funding rate has dropped, indicating a bearish sentiment in the market.
Technical Analysis
Today's decrease in Dogecoin's price appears to be a continuation of a selling trend that started when the price encountered resistance marked by a descending trendline and the 50-day exponential moving average (50-day EMA). The descending trendline resistance has consistently hindered DOGE's upward movements over the past 30 days.
Potential Rebound
Currently, Dogecoin is testing its multi-week ascending trendline support, suggesting a potential rebound. This rebound could propel the price towards the descending trendline resistance at around $0.159 by the end of April.
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