Why Is Dogecoin Slumping Today?

Zinger Key Points
  • Dogecoin trades lower alongside major cryptocurrencies
  • DOGE-oriented Twitter handle Mishaboar warns followers about cryptocurrency exchange failures
  • Shibes extend best wishes to DOGE-bull Elon Musk on his birthday

Dogecoin DOGE/USD traded 8.35% lower at $0.065 over 24 hours leading up to the early hours of Wednesday.

The meme cryptocurrency declined along with the global cryptocurrency market cap, which fell 3.75% to $902.3 billion at press time.

Dogecoin Price Performance
Time-frame % Change (+/-)
24-hour -8.35%
24-hour against Bitcoin -5.25%
24-hour against Ethereum -8.6%
7-day 5%
30-day -23.6%

YTD performance


See Also: Best Crypto Debit Cards

The DOGE Factors

  • DOGE was among the most mentioned coins on Twitter over 24 hours, according to data from Cointrendz. The three most-mentioned coins were Bitcoin, Ethereum, and Cardano. DOGE was also seen trending on CoinMarketCap at press time.
  • The 24-hour DOGE trading volume fell 35.6% to $498.46 million at press time, according to CoinMarketCap.
  • Coinglass data indicated that $2.65 million worth of DOGE were liquidated over 24 hours as the price of the meme coin declined.
  • DOGE’s relative strength index stood at 44.76 at press time. RSI below 30 indicates oversold conditions, while above 70 it indicates overbought conditions.

Altcoins Showing Strength

On Tuesday, cryptocurrency trader Michaël van de Poppe said that altcoins were exhibiting more strength on a technical level than Bitcoin. Van de Poppe cited the example of the second-largest coin Ethereum, which he said had received a “solid bounce” from a heavy support zone after a downwards movement. 

Over 7 days, DOGE has spiked over 5%, while ETH is up 4.7% and Bitcoin was flat  — registering a mere 0.1% gain.

An Imperfect Bull Flag Pattern

DOGE’s chart indicates that the meme coin has settled into a possible bull flag pattern — the formation is imperfect due to a gradually sloping pole, according to Benzinga’s Melanie Schaffer. This pattern is followed by consolidation, which can bring the asset lower between a channel with parallel lines or into a tightening triangle pattern, according to Schaffer. DOGE has resistance at above $0.083 and just below the $0.10 marks, while it has support below at $0.065 and the $0.05 levels.

Warning On Exchange Failures 

DOGE-oriented Twitter handle Mishaboar warned his followers to keep their crypto off exchanges. He said, “Bear market means many platforms may fail.” Mishaboar also shared a tweet containing a similar warning from FTX CEO Sam Bankman-Fried.

DOGE On The Web

June 28 marked the birthday of Tesla Inc TSLA CEO and DOGE bull Elon Musk. Some Shibes shared their congratulations on Twitter.

Read Next: How Bitcoin Crash Could Hurt Kim Jong-Un's Weapons Tests

Posted In: dogecoinMeme Coinswhy it's movingCryptocurrencyNewsMarketsMoversTrading Ideas

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