Dogecoin

Elon

Elon Musk

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Dogecoin (DOGE) experienced a 15.55% downturn, causing impacts on the broader crypto and meme coin markets.</li>
 <li>Despite the downturn, Elon Musk continues to express support for Dogecoin, offering hope for future rebounds.</li>
</ul>
<p>Dogecoin, a cryptocurrency known for its unique origins, has seen a substantial drop of 15.55% within the last day, as reported by CoinMarketCap.</p>
<h2 id="dogecoin-price-analysis">Dogecoin Price Analysis</h2>
<p>This downward trend was highlighted by the Relative Strength Index (RSI), which fell significantly below the neutral level, entering the oversold zone.</p>
<p>Nevertheless, in the unpredictable realm of cryptocurrencies, extreme RSI levels often indicate a potential for a rebound.</p>
<p>In line with this, Sumit Kapoor, the founder of WiseAdviceSumit, has predicted a “bullish recovery soon.”</p>
<p>Up until July 3rd, the MACD indicator suggested a bullish sentiment. However, a shift occurred on July 4th as bearish forces gained momentum, emphasizing the ongoing volatility in Dogecoin’s market.</p>
<h2 id="musk-s-support-for-dogecoin">Musk’s Support for Dogecoin</h2>
<p>Despite the significant downturn, billionaire entrepreneur Elon Musk has recently stated his personal support for Dogecoin.</p>
<p>His comments have brought a glimmer of hope for investors worried about Dogecoin’s falling price trend.</p>
<p>In another interview, Musk also claimed that Dogecoin is better suited for transactions compared to Bitcoin.</p>
<h2 id="dogecoin-vs-bitcoin">Dogecoin vs. Bitcoin</h2>
<p>To provide a clearer picture, AMBCrypto analyzed IntoTheBlock’s data and found that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment.</p>
<p>In contrast, Bitcoin showed a more bearish outlook, with bear activity surpassing that of the bulls.</p>
<p>Interestingly, both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market.</p>
<p>When Bitcoin declines, it usually triggers a market-wide downturn. Similarly, when Dogecoin falls, the entire memecoin segment follows suit.</p>
<p>This pattern emphasizes the significant influence these top coins have on market trends and investor behavior.</p>
<p>As of the latest update, Bitcoin was trading at $54,000, marking a 4.72% decline in the past 24 hours. As a result, the global crypto market cap decreased by 6.91%, now standing at $1.99 trillion.</p>
<p>Dogecoin, on the other hand, was trading at $0.09551, experiencing a significant 15.55% drop within the same timeframe.</p>
<p>Similarly, the memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours as per CoinGecko.</p>

Elon Musk Pledges Personal Backing for Dogecoin amid 15% Plunge

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