Market Volatility Causes Dogecoin Declines: How Long Will the Downturn Last?

Why Did Dogecoin Decline 1.17% During Market Volatility?

According to CoinMarketCap, Dogecoin saw a notable decline of 1.17% during the previous day. The Relative Strength Index (RSI), which fell sharply below the neutral level and into the oversold zone, highlighted this loss.

The MACD signal indicated an optimistic attitude up until July 3, but on July 4, bearish forces gained traction, emphasizing DOGE’s continued market volatility. In a recent interview, billionaire businessman Elon Musk declared, “I intend to personally support Dogecoin” despite this dip. His remarks have offered investors comfort who were concerned about the dropping price of DOGE.

Dogecoin is better suited for transactions as compared to Bitcoin.

Musk

Dogecoin Bulls Surpass Bears, Bitcoin Shows Pessimism: AMBCrypto Analysis

According to AMBCrypto’s analysis of IntoTheBlock data, as of press time, there were more Dogecoin bulls than bears, which may indicate a change in public opinion. On the other hand, bear action outpaced bull activity in Bitcoin, indicating a more pessimistic perspective. For the larger cryptocurrency industry, Dogecoin and Bitcoin both act as standards.

A dip in Bitcoin usually sets off a market-wide drop; in a similar vein, a dip in Dogecoin also tends to pull down the entire memecoin market. The substantial impact that these leading coins have on market trends and investor behavior is demonstrated by this pattern.

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