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Dogecoin In Green As Battered Risk Assets Look To Shrug Off Downward Pressure

Published 18/07/2022, 12:01
© Reuters Dogecoin In Green As Battered Risk Assets Look To Shrug Off Downward Pressure
DOGE/USD
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DOGE/USD
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Dogecoin (CRYPTO: DOGE) traded 1.7% higher at $0.07 over 24 hours leading up to early Monday morning.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour 1.7%
24-hour against Bitcoin -1.6%
24-hour against Ethereum 1.8%
7-day 1.9%
30-day 16.8%
YTD performance

-61.7%

See Also: How To Get Free NFTs

The DOGE Factors

  • DOGE was not among the most-mentioned coins on Twitter (NYSE:TWTR) at press time, according to Cointrendz
  • The 24-hour trading volume for Dogecoin rose 7.2% to $303.06 million, according to CoinMarketCap
  • Coinglass data indicated that $794,410 worth of DOGE were liquidated over 24 hours as the price of the meme coin rose
  • DOGE’s relative strength index was at 49.84 at press time, according to TradingView. An RSI of below 30 indicates an asset is oversold, while an above 70 RSI indicates it is overbought

Risky Assets Could See A Bounce Risky assets could see a bounce as they’ve been beaten up enough but a sustained rally won’t take place before the U.S. Federal Reserve has delivered more “massive rate hikes,” said OANDA’s Senior Market Analyst Edward Moya recently.

DOGE Co-Creator Notices Spike Dogecoin co-creator Billy Markus noted that DOGE blockchain transactions are experiencing a spike. The number of daily transactions on the Dogecoin blockchain surged to a one-year high of 74,986 on Sunday, according to a prior report.

DOGE On The Web Markus also took a jab at chartists after Ethereum prices soared on Sunday.

On Sunday, a Dogecoin developer who goes by the handle “chromatic_x” posted a blog on the release notes for Dogecoin Core 1.14.6.

“I for one am proud that the 1.14.6 release includes features we haven’t seen before in any of the Bitcoin forks in our constellation,” the developer said.

Read Next: Coinbase (NASDAQ:COIN) Customers Withdraw $248M Stablecoins Amid Liquidity Fears

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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