Dogecoin DOGE/USD traded 1.4% lower at $0.08 over 24 hours leading up to early Wednesday morning.
DOGE declined while major coins traded mixed at press time. The global cryptocurrency market cap rose 0.8% to $1.3 trillion.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | -1.4% |
| 24-hour against Bitcoin | -2.6% |
| 24-hour against Ethereum | -1.1% |
| 7-day | -6.95% |
| 30-day | -34.75% |
|
YTD performance |
-52% |
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The DOGE Factors
- DOGE was not among the most trending coins on Twitter at press time, according to Cointrendz data.
- The 24-hour trading volume for DOGE fell 6.95% to $478.53 million at press time, according to CoinMarketCap.
- Coinglass data indicated that $1.49 million worth of DOGE were liquidated over 24 hours as the price of the meme coin declined at press time.
No Takers For The Dip
Despite yield on the benchmark 10-year treasuries falling to the lowest since late April, the sheen has not been restored to cryptocurrency markets, noted OANDA Senior Market Analyst Edward Moya.
Moya said sentiment for risky assets has fallen off a cliff. “Normally plunging Treasury yields makes crypto attractive but right now no one wants to buy this dip.”
Chart Shows Some Hope
DOGE’s chart has developed bullish divergence, which indicates that a bounce is likely, wrote Benzinga’s Melanie Schaffer on Tuesday. If the bullish divergence corrects, DOGE could make a higher high and overcome the downtrend, according to Schaffer.
At press time, DOGE’s relative strength index was at 34.39. The RSI has moved between 25% and 35% since May 11. RSI below 30 indicates an asset is oversold.
DOGE On The Web
Dogecoin co-creator Billy Markus shared his views on Tuesday’s stock market, a downturn which was precipitated by the guidance issued by the operator of a popular messaging platform, Snap Inc SNAP.
who the hell cares about Snapchat anyway pic.twitter.com/vRYykyJUzD
— Shibetoshi Nakamoto (@BillyM2k) May 24, 2022
Dogecoin millionaire Glauber Contessoto reiterated Tuesday that he has not sold his holdings of the meme coin.
When it’s all said and done, just know I never sold #Dogecoin
— SlumDOGE Millionaire (@ProTheDoge) May 25, 2022
Contessoto revealed that his “goal ratio” is 70% solid cryptocurrencies and 30% speculation plays. He said, “I know I lean a little heavier on specs but I dig it”
My goal ratio is 70% solid cryptos and 30% speculation plays I know I lean a little heavier on specs but I dig it
— SlumDOGE Millionaire (@ProTheDoge) May 25, 2022
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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