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Why Is Dogecoin Slumping Today?

Stock Markets Jun 29, 2022 15:40
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© Reuters. Why Is Dogecoin Slumping Today?

Dogecoin (CRYPTO: DOGE) traded 8.35% lower at $0.065 over 24 hours leading up to the early hours of Wednesday.

The meme cryptocurrency declined along with the global cryptocurrency market cap, which fell 3.75% to $902.3 billion at press time.

Dogecoin Price Performance Time-frame % Change (+/-)
24-hour -8.35%
24-hour against Bitcoin -5.25%
24-hour against Ethereum -8.6%
7-day 5%
30-day -23.6%
YTD performance

See Also: Best Crypto Debit Cards

The DOGE Factors

  • DOGE was among the most mentioned coins on Twitter (NYSE:TWTR) over 24 hours, according to data from Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and Cardano. DOGE was also seen trending on CoinMarketCap at press time.
  • The 24-hour DOGE trading volume fell 35.6% to $498.46 million at press time, according to CoinMarketCap.
  • Coinglass data indicated that $2.65 million worth of DOGE were liquidated over 24 hours as the price of the meme coin declined.
  • DOGE’s relative strength index stood at 44.76 at press time. RSI below 30 indicates oversold conditions, while above 70 it indicates overbought conditions.
Altcoins Showing Strength On Tuesday, cryptocurrency trader Michaël van de Poppe said that altcoins were exhibiting more strength on a technical level than Bitcoin. Van de Poppe cited the example of the second-largest coin Ethereum, which he said had received a “solid bounce” from a heavy support zone after a downwards movement.

Over 7 days, DOGE has spiked over 5%, while ETH is up 4.7% and Bitcoin was flat — registering a mere 0.1% gain.

An Imperfect Bull Flag Pattern DOGE’s chart indicates that the meme coin has settled into a possible bull flag pattern — the formation is imperfect due to a gradually sloping pole, according to Benzinga’s Melanie Schaffer. This pattern is followed by consolidation, which can bring the asset lower between a channel with parallel lines or into a tightening triangle pattern, according to Schaffer. DOGE has resistance at above $0.083 and just below the $0.10 marks, while it has support below at $0.065 and the $0.05 levels.

Warning On Exchange Failures DOGE-oriented Twitter handle Mishaboar warned his followers to keep their crypto off exchanges. He said, “Bear market means many platforms may fail.” Mishaboar also shared a tweet containing a similar warning from FTX CEO Sam Bankman-Fried.

DOGE On The Web June 28 marked the birthday of Tesla Inc (NASDAQ: TSLA) CEO and DOGE bull Elon Musk. Some Shibes shared their congratulations on Twitter.

Read Next: How Bitcoin Crash Could Hurt Kim Jong-Un's Weapons Tests

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

Read at Benzinga

Read the original article on Benzinga

Why Is Dogecoin Slumping Today?

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