Why Is Dogecoin Laying Low Today?

Dogecoin DOGE/USD fell 0.55% over 24 hours to $0.25 in the early hours of Friday.

What’s Moving? The Shiba Inu-themed cryptocurrency was down 13.54% over a seven-day trailing period.

Against Bitcoin BTC/USD, DOGE traded 1.26% lower, while, against Ethereum ETH/USD, it rose 1.22%.

DOGE is up 4,370.86% since January. The cryptocurrency has fallen 65.54% since its May 8 high of $0.74. 

Why Is It Moving? Doge was muted on Friday morning with other major coins, which either traded flat or were in negative territory as the global cryptocurrency market cap rose 0.62% to $2.13 trillion.

Interest in DOGE was considerably lower at press time on Twitter, with the meme cryptocurrency mentioned only in 1,321 tweets, as per Cointrendz.

See Also: How To Buy Dogecoin (DOGE)

DOGE was the least mentioned coin in the list of the 10 most mentioned on Twitter as arranged by Cointrendz.

In comparison, BTC was mentioned in 5,683 tweets and emerged as the coin with the most mentions on Twitter.

Bitcoin is expected to regain its upward momentum by some analysts after experiencing a major sell-off earlier.

“We managed to scale a little off some positions, but I expect upward momentum to keep going,” said Ulrik Lykke, executive director of hedge fund ARK 36, as per CoinDesk.

On the DOGE side, the coin is expected to stay above demand zones located at $0.25 and $0.308 marks, and should the latter level be broken the next one is located at $0.35, chart analysis from FXStreet indicates.

However, should the price momentum not carry on DOGE price is expected to fall until it reaches resistance located at $0.23 and then below that at the $0.21 mark.

Meanwhile, Dogecoin-centric YouTuber Matt Wallace told Benzinga that his NFT project “DogeX” would deepen ties between DOGE and ETH.

Wallace claimed that DogeX was the “highest quality NFT project with the most combinations that has ever been released.”

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