**CoinJie News Report:**
The decline of DOGE and BTC has impacted the broader cryptocurrency and meme coin markets. Elon Musk’s support for Dogecoin offers hope for a future rebound.
According to CoinMarketCap, Dogecoin, known for its quirky origins, has experienced a significant 15.55% drop in the past 24 hours.
**Dogecoin Price Analysis**
The Relative Strength Index (RSI) highlights this drop, as the index plummeted into the oversold zone well below neutral levels.
However, in the volatile world of cryptocurrencies, extreme RSI levels (both overbought and oversold) often signal potential for a rebound.
Thus, Sumit Kapoor, founder of WiseAdviceSumit, notes,
“A strong recovery is imminent.”
It is noteworthy that until July 3rd, the MACD indicator suggested an optimistic sentiment, but a shift occurred on July 4th as bearish forces increased, highlighting the ongoing volatility in the DOGE market.
**Musk Remains Positive on Dogecoin**
Despite the severe economic downturn, billionaire entrepreneur Elon Musk recently stated,
“I plan to personally support Dogecoin.”
His comments have become a glimmer of hope for investors worried about the downward trend in DOGE’s price.
In another interview, Musk also claimed,
“Dogecoin is better suited for transactions compared to Bitcoin.”
**Dogecoin vs. Bitcoin**
To provide a clearer picture, AMBCrypto analyzed data from IntoTheBlock and found that as of the time of writing, the number of long positions in Dogecoin exceeds the number of short positions, indicating a possible shift in sentiment.
In contrast, Bitcoin (BTC) shows a more pessimistic outlook with bearish activity surpassing bullish trends.
Interestingly, both Bitcoin and Dogecoin serve as benchmarks for the broader cryptocurrency market.
When Bitcoin falls, it often triggers a downturn across the entire market. Similarly, when Dogecoin declines, the entire meme coin sector follows suit.
This pattern underscores the significant influence these top coins have on market trends and investor behavior.
As of the latest update, Bitcoin is trading at $54,000, having dropped 4.72% in the past 24 hours. Consequently, the global cryptocurrency market capitalization has decreased by 6.91%, currently standing at $1.99 trillion.
On the other hand, Dogecoin is trading at $0.09551, experiencing a dramatic 15.55% drop over the same period.
Similarly, according to CoinGecko, the market capitalization of meme coins is $38.1 billion, reflecting a substantial 20.1% decline in the past 24 hours
