‘Intent to personally support Dogecoin’ Elon Musk says, as DOGE drops 15%

• DOGE and BTC declines impacted broader crypto and meme coin markets.
• Elon Musk’s support for Dogecoin offered hope for future rebounds.

Dogecoin [DOGE], known for its wacky origins, experienced a significant downturn of 15.55% over the last 24 hours, according to CoinMarketCap.

Dogecoin price analysis

This decline was underscored by the Relative Strength Index (RSI), which plummeted well below the neutral level into the oversold zone.

Source: TradingView

However, in the volatile world of cryptocurrencies, extreme RSI levels (overbought and oversold levels) often signal a potential for a rebound. 

Inasmuch, Sumit Kapoor, founder of WiseAdviceSumit noted,

“Bullish recovery soon.”

Notably, up until the 3rd of July, the MACD indicator hinted at the bullish sentiment, but a shift occurred on the 4th of July as bearish forces gained momentum, highlighting the ongoing volatility in DOGE’s market. 

Musk remains positive for the dog-themed memecoin

However, despite this massive downturn, billionaire & entrepreneur, Elon Musk in a recent interview, stated, 

“I intent to personally support Dogecoin.” 

His comments have emerged as a ray of hope for investors concerned about DOGE’s declining price trend.

In a separate interview, Musk also claimed, 

“Dogecoin is better suited for transactions as compared to Bitcoin.”

Dogecoin vs. Bitcoin

To provide a clearer picture, AMBCrypto analyzed IntoTheBlock’s data and discovered that Dogecoin bulls outnumbered bears at press time, suggesting a potential shift in sentiment. 

Source: IntoTheBlock

In contrast, Bitcoin [BTC] showed a more bearish outlook, with bear activity surpassing that of the bulls. 

Source: IntoTheBlock

Interestingly, both Bitcoin and Dogecoin serve as benchmarks for the broader crypto market.

When Bitcoin declines, it typically triggers a market-wide downturn. Similarly, when Dogecoin falls, the entire memecoin segment follows suit.

This pattern underscores the significant influence these top coins have on market trends and investor behavior.

As of the latest update, Bitcoin was trading at $54,000, marking a 4.72% decline in the past 24 hours. Consequently, the global crypto market cap decreased by 6.91%, now standing at $1.99 trillion.

Dogecoin, on the other hand, was changing hands at $0.09551, experiencing a significant 15.55% drop within the same timeframe.

Similarly, the memecoin market cap was at $38.1 billion, reflecting a substantial 20.1% decline in the last 24 hours as per CoinGecko.