HomeWhy is Dogecoin down by 2% so far today?

Why is Dogecoin down by 2% so far today?

Hassan Maishera

The cryptocurrency market continues to perform well, but DOGE has experienced a torrid time so far today.

The broader cryptocurrency market has embarked on a recovery journey over the past few days. The total market cap has increased by more than $400 billion over the past two weeks, with the leading cryptocurrencies performing excellently during that period.

Bitcoin has increased by more than 20% over the past seven days, with the leading cryptocurrency surpassing the $45k psychological level earlier today. In the last 24 hours, BTC’s value has increased by nearly 3%.

Despite the total cryptocurrency market cap rising above $2 trillion again, DOGE has been underperforming. The leading meme coin has lost roughly 2% of its value so far today and could be set for further losses if the bears remain in control.

There is no major catalyst behind DOGE’s ongoing poor performance. Bitcoin, Ether and Binance Coin (BNB) are all trading in the green zone.

DOGE could be correcting at the moment after adding more than 14% to its value in the last seven days. Shiba Inu has outperformed DOGE over the past week, adding more than 50% to its value during that period.

Key levels to watch

The DOGE/USD 4-hour chart is looking bearish at the moment, thanks to DOGE’s poor performance over the past 24 hours. The technical indicators show that DOGE is currently underperforming.

The MACD line is around the neutral zone and could slip into the negative region if the poor performance continues. The 14-day relative strength index of 46 shows that DOGE could enter the oversold region unless the bulls regain control of the market.

If the negative performance continues, DOGE could drop below the $0.1428 support level before the end of the day. However, if the bulls regain control of the market, DOGE could test the resistance level at $0.1692 over the coming hours.

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