Dogecoin

Elon Musk

The global crypto market is going through a price correction as it declined from $3.31 trillion to $3.11 trillion in the last 2 days, resulting in coins like Dogecoin (<a href="https://yellow.com/asset/doge">DOGE</a>) and Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) to <a href="https://www.bitcoinsensus.com/news/dogecoin-dip-rsi-and-market-trends-point-to-possible-stabilization/">drop</a>. 
While Bitcoin went below $93,000, Dogecoin traded at $0.38, registering a 20% drop in its price. Analysts are now predicting that the meme coin will trade sideways or stabilise before hitting oversold levels. 
The unprecedented price rally of November following Donald Trump's victory in the US election finally came to an end with the price correction that has been happening for the last 2 days. 
After November 25, the market cap of the crypto market went down from an all-time high of $3.31 trillion to $3.11 trillion on November 27. This shows that market makers and investors are making profits after most coins gained substantially this month. 
This has pushed back the timeline for Bitcoin's $100,000 milestone as it declined to the $91,000 level. Meanwhile, the DOGE at $1 momentum of last week has also retracted as the coin dipped significantly. 
However, the price correction of Dogecoin started two days earlier than the global crypto market as DOGE went down to $0.47 on November 23, almost 20% drop in its prices. It further went down to $0.38 in the next two days. 
Before this, the meme coin displayed an RSI of 85 points which meant extremely overbought levels and hence pointed towards an impending price correction phase. 
After the decline in prices Dogecoin has now reached oversold levels which means the bearish movements might be ending soon or at least some sideways trade will be seen in the next couple of days. 
Historically, the year-end is a slow period for cryptocurrencies as investors focus on making profits and take it easy in the holiday season. Traders should keep that in mind as that would mean Dogecoin and others will go down further in December. 
However, the meme coin might emerge from it faster than others as it entered the correction period first. In fact, Dogecoin has already started gaining in the last few hours as its price spiked 6% in 8 hours. 
This paints a positive outlook for DOGE holders as its relationship with Tesla CEO Elon Musk could see some benefits as Musk gets involved in the Trump administration. 
At the time of writing, Dogecoin was up 0.56% in the last 24 hours to trade at $0.3916 while the trading volume has declined 13.76% to touch $8.44 billion and the market cap rose to $57.54 billion.

Dogecoin Sees Sudden Price Drop Amid Crypto Market Correction

Yellow News

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