Dogecoin (DOGE) Price Analysis: Known for its wacky origins, the memecoin experienced a significant downturn of 15.55%

This decline was underscored by the Relative Strength Index (RSI), which plummeted well below the neutral level into the oversold zone.

Dogecoin (CRYPTO: DOGE) price experienced a significant downturn of 15.55% over the last 24 hours, according to data from CoinMarketCap.

This decline was further highlighted by the Relative Strength Index (RSI), which fell below the neutral level and into the oversold zone.

However, in the volatile world of cryptocurrencies, extreme RSI levels (both overbought and oversold) often indicate the potential for a rebound.

“Bullish recovery soon,” commented Sumit Kapoor, founder of WiseAdviceSumit, on the matter.

no up to 3 July, the MACD indicator suggested bullish sentiment, but a shift occurred on 4 July as bearish forces gained momentum, highlighting the ongoing volatility in the DOGE market.

Musk remains optimistic about the dog-themed memecoin

Despite this massive downturn, billionaire entrepreneur Elon Musk stated in a recent interview, “I intend to personally support Dogecoin.”

His comments have provided a glimmer of hope for investors concerned about DOGE's declining price trend.

In a separate interview, Musk also claimed, “Dogecoin is better suited for transactions compared to Bitcoin.”

Dogecoin vs. Bitcoin

Further analysis by AMBCrypto revealed that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment.

Source: IntoTheBlock

In contrast, Bitcoin (CRYPTO: BTC) showed a more bearish outlook, with bear activity surpassing that of the bulls.

Source: IntoTheBlock

Interestingly, both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market.

When Bitcoin declines, it usually triggers a market-wide downturn. Similarly, when Dogecoin falls, the entire memecoin segment follows suit.

This pattern highlights the significant influence these top coins have on market trends and investor behavior.

At last check, Bitcoin was trading at $54,000, down 4.72% over the last 24 hours, and the global crypto market cap decreased by 6.91% to $1.99 trillion.

Dogecoin, on the other hand, was changing hands at $0.09551, experiencing a significant drop of 15.55% within the same timeframe.

Moreover, the memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours, as per CoinGecko.

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