Dogecoin [DOGE] follows the market notion and plunges to $0.28
The crypto market seemed to be balancing its gains and losses. Almost every asset bagged major gains this month. Dogecoin [DOGE], Cardano [ADA], XRP, Solana [SOL], and several others were leading the bull run. However, these coins seemed to be falling harder than ever. Solana [SOL] was the star of this month and at the time of writing, the altcoin was trading for $66.98 with a 12.75% drop over the last 24-hours.
Other coins followed a similar notion. Bitcoin [BTC] was back at $47K and its market cap diminished to $895 billion. Ethereum [ETH] managed to retain itself at $3K.
Dogecoin [DOGE], GenZ’s favorite crypto asset was seen stumbling down. The altcoin, during press time, was trading for $0.28 with a 7.30% plummet over the last 24-hours. The endorsements from Elon Musk did no good to the altcoin as it failed to hit $1.
The market cap of the altcoin was overpowered as several other assets took over DOGE. At the time of writing, DOGE stood as the seventh-largest cryptocurrency with a market cap of $37 billion. XRP resided over Dogecoin as the sixth-largest asset with a market cap of $53.47 billion. DOGE had a long way to go before taking over XRP.
Dogecoin [DOGE] one-hour price chart on Bitfinex
The short-term price chart of DOGE noticed a significant downtrend that the altcoin had undergone. All the indicators suggested that this trend could persist for a while. The Chaikin Money Flow [CMF] indicator was down by the bearish arena. This was affirmed by the CMF marker that was below the zero median. The MACD indicator was currently in a bearish crossover, however, the MACD line was seen trying to take over the signal line.
Furthermore, the Relative Strength Index [RSI] indicator was sulking in the sellers’ arena. The RSI marker revealed that Dogecoin was close to being oversold, however, the altcoin managed to avoid this.
Published at Wed, 25 Aug 2021 15:30:00 +0000
