Dogecoin Daily: Price Heads Lower In Mixed Crypto Market, 'Doge Millionaire' Not Selling And More

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.

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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. 

Dogecoin millionaire Glauber Contessoto reiterated Tuesday that he has not sold his holdings of the meme coin. 

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”

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