DOGE Price Plummets 15 as Market Enters Volatility with Elon Musk Personally Supporting Dogecoin

Coin World News Report:
Dogecoin Price Analysis
The Relative Strength Index (RSI) highlights the downward trend, with the index falling below the neutral level and entering oversold territory.


Despite the turmoil in the cryptocurrency market, extreme levels of the Relative Strength Index (RSI), including overbought and oversold levels, often indicate the potential for a rebound.
Therefore, Sumit Kapoor, the founder of WiseAdviceSumit, pointed out, “A bull market recovery is imminent.”
However, it is worth noting that until July 3rd, the Moving Average Convergence Divergence (MACD) indicator showed bullish sentiment, but a shift occurred on July 4th, with increased bearish strength, particularly highlighting the ongoing volatility in the DOGE market.
Despite the turbulent economic environment, billionaire entrepreneur Elon Musk stated in a recent interview, “I personally intend to support Dogecoin.” His comments brought a glimmer of hope to investors concerned about the downward trend in DOGE prices.
In another interview, Musk also stated, “Compared to Bitcoin, Dogecoin is more suitable for transactions.”
Regarding the comparison between Dogecoin and Bitcoin, AMBCrypto analyzed data from IntoTheBlock and found that as of the time of writing, the number of long positions in Dogecoin exceeded the number of short positions, indicating a potential shift in market sentiment.


In contrast, Bitcoin [BTC] has a more pessimistic outlook, with bearish activity surpassing bullish activity.


Interestingly, both Bitcoin and Dogecoin serve as benchmarks for the broader cryptocurrency market.
A decline in Bitcoin often triggers a slump in the entire market, while a fall in Dogecoin affects the entire memecoin market.
This phenomenon highlights the significant impact of these top tokens on market trends and investor behavior.
As of the latest update, the trading price of Bitcoin is $54,000, falling by 4.72% in the past 24 hours. As a result, the global cryptocurrency market cap has decreased by 6.91%, currently standing at $1.99 trillion.
On the other hand, the trading price of Dogecoin is $0.09551, experiencing a significant decline of 15.55% during the same period.
According to data from CoinGecko, the market cap of memecoins is $38.1 billion, witnessing a substantial decline of 20.1% in the past 24 hours.