Elon Musk’s favorite crypto, Dogecoin [DOGE] seemed to be going down with Bitcoin [BTC]. Bitcoin lost all the gains it garnered during the crypto rally. The king coin, during press time, was trading for a low of $34K.
Dogecoin grew popular among TikTokers and GenZ which in turn bolstered the price of the meme coin. This, along with Musk’s endorsement pushed the coin to new highs, however, the asset never hit $1. During the time of writing, DOGE had succumbed to the bearish market as it was trading for $0.29 with a 3% dip in the last 24-hours.
Additionally, the market cap of the cryptocurrency was at $39.47 billion which pushed the altcoin’s rank to seven. XRP and Cardano [ADA] had taken over DOGE.
Dogecoin [DOGE] one-hour price chart on Binance
The short-term price chart of DOGE noted bears hibernating in its market. The Parabolic SAR indicator formed dotted lines over the candlesticks. This further acted as a barrier against any possible uptrend. While DOGE was in a bullish crossover all along, the signal line slowly took over the MACD line to form a bearish crossover. The ongoing sentiment could push Dogecoin further down.
The Money Flow Index announced that DOGE was in a sellers’ market.
Bitcoin [BTC] one-hour price chart on Binance
Bitcoin [BTC] during the time of writing, was trading for $35,403 with a dainty drop of 0.90% in the last 24-hours. The king coin, however, did not stay still at this level as it kept dropping down to $34K. The market cap of the world’s largest cryptocurrency also followed a similar notion as it was at $666 billion.
The one-hour price chart of BTC exerted a strong bearish sentiment. The Awesome Oscillator indicator with red closing bears alerted the market of a bearish presence. The Chaikin Money Flow indicator was deep in the bearish realm. The Relative Strength Index indicator, similar to DOGE noted a sellers’ predilection.