Dogecoin Drops Lower As Investors Brace For Macro Headwinds Again

Dogecoin DOGE/USD traded 4.5% lower at $0.06 over 24 hours leading up to early Tuesday morning.

DOGE fell with other major coins as the global cryptocurrency market cap declined 2.5% to $887.9 billion at press time.
See Also: Best USDC Interest Rates

The DOGE Factors

• The 24-hour DOGE trading volume rose 5.4% to $319.46 million, according to CoinMarketCap
• Coinglass data indicated that $2.19 million worth of DOGE was liquidated over 24 hours as the price of the meme coin declined
• DOGE’s relative strength index stood at 41.2 at press time, according to TradingView. An RSI of less than 30 implies that an asset is oversold, while over 70 it indicates that it is overbought

Cryptocurrency Rally Fizzles Out Again

Cryptocurrencies, including DOGE, were under pressure on Monday evening as a fearful market headed into a trading week full of earnings reports and the upcoming release of inflation data. Risk assets have been showing a strong correlation of late and that trend continued intraday leading up to press time. Meanwhile, the dollar which has exhibited a negative correlation with cryptocurrencies advanced on Monday. 

DOGE Bulls Should Watch Out For This Pattern

Dogecoin declined below the $0.065 mark intraday on Monday, negating the uptrend as it printed a lower low under the July 5 low-of-day, noted Benzinga’s Melanie Schaffer. 

Should the meme coin continue to plunge on Tuesday, bulls could watch out for a double bottom pattern on the chart at the $0.062 mark — the same level at which DOGE reacted bullishly on June 30. DOGE has resistance above at $0.065 and at $0.083 levels and support below at $0.06 and $0.05 marks, according to Schaffer. 

DOGE On The Web

Dogecoin Foundation artist “DogeDesigner” shared an interesting tidbit about “Blaster” a game developed by DOGE-bull and Tesla Inc TSLA CEO Elon Musk. He said it was published on page 69 of a magazine in 1984. Musk often makes references to the number in a humorous fashion since it has sexual connotations. 

Blastar - A space-themed game written by @elonmusk in 1984 at the age of 12. He got $500 for selling the source code to a magazine.

It was published on page "69" of the magazine back in 1984  pic.twitter.com/GmpcHCF0rJ

— DogeDesigner (@cb_doge) July 11, 2022

Read Next: Dogecoin Foundation Director Explains Ease Of Selling 'Real Things' With DOGE