Dogecoin [DOGE] played a significant role in boosting the popularity of the crypto-verse. Tesla’s founder, Elon Musk’s love for the coin and Gen Z’s TikTok videos elevated the presence and the price of the currency. This seems to have come to an end as Dogecoin remained below $0.30 for quite a while.
The recent crypto carnage diminished all the gains that the coins had garnered throughout the year. Even though DOGE failed to hit $1, the hopes surrounding the currency did not die down. At least, Musk made sure to keep the coin relevant by tweeting about it.
While several other cryptocurrencies have noted dainty recovery over the last couple of days, DOGE traversed within the $0.30 to $0.20 range. At the time of writing, DOGE was trading for $0.24 with a 4.83% in the last 24-hours. The entire week hasn’t been favorable for the altcoin as it experienced a 6% slump.
With regard to ranking and market cap, the altcoin managed to maintain its place as the sixth largest cryptocurrency. The altcoin’s market cap stood at $31 billion.
Dogecoin [DOGE] one-hour price chart on Binance
The short-term price chart of DOGE on the cryptocurrency exchange Binance noted a bearish sentiment. The Bollinger Bands indicator revealed limited volatility as the bands were diverging. This notion could be good for the altcoin, the Chaikin Money Flow [CMF] indicator announced. With the CMF marker below the zero median, DOGE was residing in the bearish realm.
Additionally, DOGE was in a sellers’ market as the Relative Strength Index indicator’s marker was below the 50 median.
While the price of DOGE has been bleak for a while, Elon Musk tweeted about the altcoin. Dogecoin has witnessed dainty as well as significant changes with regard to price right after Musk’s tweets. Dogecoin’s association with the bear seems to be mighty this time as his most recent tweet has made no impact on the altcoin. The tweet read,