Elon Musk Again Amid 15 Drop in DOGE Savior Expresses Intent to Personally Support Dogecoin

CoinDesk Report:
The Relative Strength Index (RSI) highlights the downward trend, dropping below neutral levels into oversold territory.


Yet, in the volatile world of cryptocurrencies, extreme RSI levels (overbought and oversold) often signal potential rebounds.
Therefore, Sumit Kapoor, founder of WiseAdviceSumit, noted:
“A bull market recovery is imminent.”
It’s worth noting that until July 3rd, MACD indicators suggested bullish sentiment, but a shift occurred on July 4th as bearish forces strengthened, highlighting continued volatility in the DOGE market.
Musk Positive on Dog-Themed Memecoins
Despite a significant economic downturn, billionaire entrepreneur Elon Musk recently stated in an interview:
“I personally support Dogecoin.”
His comments brought a ray of hope to investors concerned about DOGE’s price trend.
In another interview, Musk also claimed:
“Compared to Bitcoin, Dogecoin is more suitable for transactions.”
Dogecoin vs. Bitcoin
To provide a clearer picture, AMBCrypto analyzed IntoTheBlock data and found that as of the time of writing, the number of long positions in Dogecoin exceeds shorts, indicating a possible sentiment shift.


In contrast, Bitcoin [BTC] shows a more pessimistic outlook, with bearish activities outweighing bullish ones.


Interestingly, both Bitcoin and Dogecoin serve as benchmarks in the broader cryptocurrency market.
A decline in Bitcoin often triggers a slump across the entire market. Similarly, when Dogecoin falls, the entire memecoin market follows suit.
This pattern underscores the significant influence of these top tokens on market trends and investor behavior.
As of the latest update, Bitcoin is trading at $54,000, down 4.72% in the past 24 hours. Consequently, the global cryptocurrency market cap has fallen by 6.91%, currently standing at $1.99 trillion.
On the other hand, Dogecoin is priced at $0.09551, experiencing a substantial 15.55% decline during the same period.
Similarly, according to CoinGecko data, the memecoin market cap stands at $38.1 billion, marking a significant 20.1% drop in the past 24 hours.