Elon Musk Pledges Personal Backing for Dogecoin amid 15% Plunge

Key Points

Dogecoin (DOGE) has experienced a 15.55% downturn, impacting the broader crypto and meme coin markets.

Despite the decline, Elon Musk continues to express support for Dogecoin, offering potential for a future rebound.

Dogecoin Price Analysis

The recent drop was highlighted by the Relative Strength Index (RSI), which entered the oversold zone. However, extreme RSI levels often indicate a potential for a rebound.

Sumit Kapoor, founder of WiseAdviceSumit, predicts a "bullish recovery soon."

The MACD indicator initially suggested a bullish sentiment, but on July 4th, bearish forces gained momentum, emphasizing the ongoing volatility in Dogecoin's market.

Musk's Support for Dogecoin

Despite the downturn, Elon Musk has recently voiced his personal support for Dogecoin.

He believes Dogecoin is better suited for transactions compared to Bitcoin.

Dogecoin vs. Bitcoin

IntoTheBlock's data shows that Dogecoin bulls outnumber bears, while Bitcoin exhibits a more bearish outlook.

The decline of Bitcoin and Dogecoin can trigger market-wide downturns and impact the memecoin segment.

Market Update

As of the latest update, Bitcoin is trading at $54,000, down 4.72% in the past 24 hours. The global crypto market cap stands at $1.99 trillion.

Dogecoin is trading at $0.09551, a drop of 15.55% in the same timeframe. The memecoin market cap is at $38.1 billion.