The crypto market seemed to be balancing its gains and losses. Almost every asset bagged major gains this month. Dogecoin [DOGE], Cardano [ADA], XRP, Solana [SOL], and several others were leading the bull run. However, these coins seemed to be falling harder than ever. Solana [SOL] was the star of this month and at the time of writing, the altcoin was trading for $66.98 with a 12.75% drop over the last 24-hours.
Other coins followed a similar notion. Bitcoin [BTC] was back at $47K and its market cap diminished to $895 billion. Ethereum [ETH] managed to retain itself at $3K.
Dogecoin [DOGE], GenZ’s favorite crypto asset was seen stumbling down. The altcoin, during press time, was trading for $0.28 with a 7.30% plummet over the last 24-hours. The endorsements from Elon Musk did no good to the altcoin as it failed to hit $1.
The market cap of the altcoin was overpowered as several other assets took over DOGE. At the time of writing, DOGE stood as the seventh-largest cryptocurrency with a market cap of $37 billion. XRP resided over Dogecoin as the sixth-largest asset with a market cap of $53.47 billion. DOGE had a long way to go before taking over XRP.
Dogecoin [DOGE] one-hour price chart on Bitfinex
The short-term price chart of DOGE noticed a significant downtrend that the altcoin had undergone. All the indicators suggested that this trend could persist for a while. The Chaikin Money Flow [CMF] indicator was down by the bearish arena. This was affirmed by the CMF marker that was below the zero median. The MACD indicator was currently in a bearish crossover, however, the MACD line was seen trying to take over the signal line.
Furthermore, the Relative Strength Index [RSI] indicator was sulking in the sellers’ arena. The RSI marker revealed that Dogecoin was close to being oversold, however, the altcoin managed to avoid this.