The entire crypto market was in a slump. Dogecoin [DOGE], Polkadot [DOT], and XRP were seen enduring major losses as the day progressed. Just as the crypto market was rejoicing its stay in the bullish arena, the bears decided to come and interrupt. Almost every coin was seen on a downward trajectory.
Bitcoin [BTC], during the time of writing, had plummeted down to $44K. The asset was seen bagging significant gains throughout the week which had given birth to speculations of the coin pushing towards $50K. However, this was shot down by the bears.
Meanwhile, all the other coins were witnessing much bigger damage. Dogecoin [DOGE] had a major fall of 13.41% over the last 24-hours. The altcoin, at press time, was trading for $0.288. Despite garnering immense popularity this year, the altcoin failed to hit $1.
Furthermore, the rank of the coin was also disrupted as its market cap dropped to $38 billion. This further pushed the coin onto the seventh spot. DOGE had settled over XRP for the longest time, however, the latter’s market cap, at the time of writing was at $50.34 billion. The disparity between the aforementioned two assets suggested that it would take some time for the coin to move up the crypto ladder.
Dogecoin [DOGE] one-hour price chart on Binance
The short-term price chart of the altcoin on Binance noticed the entry of bears. The Bollinger Bands indicator was diverging which further suggested an increase in the volatility of the altcoin. The Awesome Oscillator indicator pointed out that this surge in volatility could be bad for the coin at the moment as it rolled out red closing bars.
The Relative Strength Index [RSI] indicator was seen deep down in the sellers’ arena. The RSI marker was almost at 30 median. This indicated that the chances of the coin being oversold were high.