Dogecoin, the meme-inspired cryptocurrency that has been a favorite of Tesla CEO Elon Musk, is facing a slump in its price due to market turbulence. The value of DOGE has been steadily declining since reaching its 30-day high, putting it on a bearish run.
After reaching a 30-day high of $0.095, Dogecoin’s (DOGE) price has plunged by nearly 27%. In April, before the gradual decrease, the price action showed a bearish pattern known as the double top.
DOGE price is observing closer to support region
Currently, the value of Dogecoin is at $0.07198 with a slight gain of 0.24% against the USDT pair. The trading volume for the past 24 hours, according to CoinMarketCap, has decreased to $402 million. However, the trading volume seems low compared to previous days, possibly due to the new PEPE and $SPONGE cryptocurrencies that have recently caught the traders’ interest.
DOGE’s market capitalization has fallen below the $10 billion mark amid a continuous decline. As of now, the market cap today remains at $9.9 billion.
Today, the price of DOGE is still below all major moving averages including 20, 50, 100, and 200. The 20-SMA is quite far from the current price and could potentially act as a near-term resistance level. Buyers may have to defend themselves near the $0.067-$0.065 support zone to avoid any further decline in price.
If buyers can keep the DOGE price above the support region, the Relative Strength Index (RSI) may hint at a trend reversal as it continues to move down toward the oversold zone amidst a bearish trend.
Whales, or large investors, seem to be taking advantage of Dogecoin’s current undervaluation and accumulating the meme-inspired cryptocurrency. They are likely viewing it as a potential long-term investment opportunity while it is trading at a discount.
The memecoin wave boded well for PEPE and $SPONGE, Is AiDoge next?
AiDoge, an AI-powered meme-generation platform, is gaining attention in the cryptocurrency space. Since the presale for its native token $AI began in late April, the platform has already raised over $5 million, making it a notable meme token to watch.
The recent popularity of new meme-inspired coins like PEPE, $SPONGE, and AiDoge could have an impact on the larger and more established Dogecoin, causing a period of disruption in the market.
