Dogecoin Daily: Price Slumps As Crypto Goes All Red Again, Is It All Up From Here?

Dogecoin DOGE/USD traded 5.75% lower at $0.06 over 24 hours leading up to Wednesday morning. 

DOGE moved lower alongside other major cryptocurrencies traded as the global cryptocurrency market cap declined 2.8% to $915 billion.

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The DOGE Factors

• DOGE was among the most mentioned coins on Twitter over the last 24 hours, according to Cointrendz. The three most mentioned coins were Bitcoin, Ethereum, and Cardano.
• The 24-hour DOGE trading volume dipped 6.8% to $810 million, according to CoinMarketCap data. DOGE was also seen trending on the price-tracking website at press time.
• Coinglass data indicated that $2.6 million worth of DOGE was liquidated over 24 hours.

Crypto Not Going Away

Despite a lackluster 2022 and investors “walking a lonely road” with an uncertain future, “crypto is not going away and investors are starting to believe further downside might be limited,” wrote Edward Moya, a senior market analyst with OANDA. A short squeeze could lead to an upside in the apex coin, said GlobalBlock analyst Marcus Sotiriou.

Dogecoin co-creator Billy Markus put DOGE’s 18,000% ascent in 2021 as a part of the events that unfolded over the course of that year. However, he doesn’t believe “crypto is dead.”

DOGE’s Bottom Here?

Benzinga’s Melanie Schaffer noted that DOGE’s most recent high in its uptrend was on Sunday at the $0.0629 level and the most recent low was at $0.057 on Monday. “Dogecoin soared up above the most recent high, which confirmed the uptrend is intact,” wrote Schaffer. On Saturday, DOGE fell below the psychologically important $0.05 mark, which added confidence for bulls that the bottom may be in.

Party On Until Next Fed Meeting

Markus commented on the uptick seen in risk assets such as stocks on Tuesday and wondered if it's going to move up until the next U.S. Federal Reserve meeting.

DOGE On The Web

Dogecoin Foundation graphics designer Dogememegirl said the “Doge Accepted” Sign is now available in 10 languages. The artist shared a download link in a tweet on Tuesday. 

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