Musk Hype Fizzles Out: DOGE Records 5.80% Decrease in Value
- Dogecoin (DOGE) experienced a surge in value earlier this week.
- Dogecoin has experienced a 5.80% decrease in value in the past 24 hours.
- The decline in DOGE’s price suggests that the hype generated by Musk’s endorsement may end.
In the past 24 hours, Dogecoin (DOGE) has experienced a 5.80% decrease in value. And indicating that the price of the world’s most popular meme coin may be undergoing a correction. This decline follows a brief surge in price earlier in the week, which was attributed to a pump caused by Twitter CEO Elon Musk’s endorsement of the cryptocurrency.
On Monday, Dogecoin experienced a price surge of more than 10% following Elon Musk’s decision to change Twitter’s logo to a picture of the cryptocurrency’s unique dog logo. The surge in price demonstrates the influence that Musk, known for his love of memes and social media presence, has on the cryptocurrency market.
The price of DOGE has declined for the third consecutive time, following a price increase earlier this week. The current dip in price reflects a negative trend in the overall market and is likely due to investors taking profits after the recent surge in value.
Dogecoin is currently being traded at $0.09014, which reflects a decline of 5.80% over the past 24 hours. This price decline has established support levels at $0.08826, while the resistance level is at $0.09585.
In addition to the decrease in price, DOGE’s trading volume has also decreased by 29.44% and is currently at $1,228,272,111, while its market cap has declined by 4.04% to $12,540,586,968. These trends suggest that bears are currently in control of the market.
The decline in the DOGE market suggests that the hype generated by Elon Musk’s endorsement may end. And also the asset may soon reach new lows. This decline serves as a warning to investors and traders to exercise caution before investing in digital assets.
Dogecoin Technical Analysis
The Relative Strength Index (RSI) indicates the bearish trend of DOGE, which is moving southward, suggesting that the selling pressure is increasing. Traders may consider short positions or wait for a potential reversal signal before entering long positions. Currently, the readings of the RSI are 62.12, suggesting that there is neutrality in the market between buyers and sellers.
The alignment of dots on the southern side of the Parabolic SAR indicator suggests that Dogecoin is likely to experience a bearish trend in the short term, leading to a potential further decline in the cryptocurrency’s price in the near future.
On a positive note, the Moving Average Convergence Divergence (MACD) line offers a ray of hope for investors and traders. The blue MACD line is currently moving above its signal. This indicates the possibility of a price reversal toward the bullish side shortly. This is further supported by forming a trajectory histogram on the positive side.
In conclusion, Dogecoin’s recent price decline indicates that the market may be undergoing a correction after a surge in value attributed to Elon Musk’s endorsement.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
