Dogecoin Daily: Price Consolidation, 'Familiar' Crypto Market And More

Dogecoin DOGE/USD traded 4.3% lower at $0.07 in the early hours of Tuesday.

DOGE declined in tandem with other major coins as the global cryptocurrency market cap fell 3.1% to $1.05 trillion at press time.

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The DOGE Factors

• The 24-hour trading volume for DOGE fell 15.75% to $415.68 million at press time, according to CoinMarketCap.
• Coinglass data indicated that $1.16 million worth of DOGE was liquidated over 24 hours as the price of the meme coin declined.
• Dogecoin's relative stress index was 48.34 at press time, according to TradingView. An asset with an RSI of below 30 is considered oversold, while if it has an RSI above 70 it is considered overbought.

Crypto Could See ‘One Last Leg Up’

Cryptocurrencies could see “one last minor leg up” before “things get dicey again,” according to Justin Bennett. The cryptocurrency trader said that the $1.15 trillion level is the one to watch out for in terms of total market capitalization. The analyst said for now the total market cap was above the $1.05 trillion support mark.

DOGE Continues To Consolidate

The meme cryptocurrency was seen printing a double inside bar pattern as it consolidated on Monday, according to Benzinga’s Melanie Schaffer. The meme coin could be forming a bull flag pattern on its daily chart, according to Schaffer. The cryptocurrency has resistance above the $0.083 mark and just below the $0.10 mark. There is support for DOGE between the $0.065 and $0.057 levels.

A Familiar Crypto Market

Dogecoin co-creator Billy Markus commented, in a tongue-in-cheek fashion, that the tanking cryptocurrency market was the one that was familiar to him. 

ahh, there’s the crypto market i know

— Shibetoshi Nakamoto (@BillyM2k) August 2, 2022

DOGE On The Web

Dogecoin-oriented Twitter handle Mishaboar expressed agreement with Ethereum co-creator Vitalik Buterin on calling out scammers. Markus too interacted with Buterin on the matter and shared his opinion on the matter.

I agree. After proper due research, of course. https://t.co/UptY3s9iIl

— Mishaboar (@mishaboar) August 2, 2022

Dogecoin Foundation Director Timothy Stebbing reflected on the “regular crypto-bro/ICO” scene and said that opensource devs building “a legitimate, [decentralized] replacement for the global financial hegemony, without a 'revenue model' just a bunch of hopes and dreams doesn't compute.”

Folk are so familiar with the regular crypto-bro/ICO scene that a scrappy bunch of opensource devs building a legitimate, decentalised replacement for the global financial hegemony, without a 'revenue model' just a bunch of hopes and dreams doesn't compute.
Sorry Boromir, we are! pic.twitter.com/Ecswn9H06t

— Timothy Stebbing (@tjstebbing) August 2, 2022

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