The Dogecoin market saw a significant drop in price on May 4 to a low of $0.077 but eventually increased by 5.19% the next day. Despite the bear’s pressure, Dogecoin bulls are struggling to regain positive market sentiment. 

Notably, the Dogecoin price has experienced a slight 0.53% increase within 24 hours. According to CoinMarketCap, DOGE has a 24-hour trading volume of $345,154,234, up by 37.60%.

Based on its market cap of $11.02 billion, Dogecoin is presently ranked No. #8 among all cryptocurrencies with a price of $0.07.

Dogecoin market sentiment seems bearish as today’s Fear & Greed Index is 27 (Fear). This indicates a relatively low investor sentiment towards DOGE and suggests that the market may be experiencing fear or uncertainty.

Notably, DOGE is experiencing high volatility, fluctuating rapidly over short periods. Despite the downtrend, the Dogecoin bulls are trying to ease market pressure by continuing to buy the asset and pushing its price up.

Dogecoin trades below the 50-Day and 200-Day Simple Moving Averages (SMAs). These levels indicate that DOGE is in a downtrend or bearish movement due to high selling pressure.

The Relative Strength Index (RSI) indicator shows 45.24, which suggests that the asset’s momentum is relatively neutral. An RSI reading of 45.24 is closer to the oversold region than the overbought territory, which may indicate that the asset is slightly undervalued or oversold.

The MACD trades below the signal line, indicating that the sellers control the market. The MACD histogram also confirms the bearish sentiment as the histogram is below the zero line.

The momentum will likely continue going down if the bulls cannot maintain the selling pressure.

Below are some key factors affecting Dogecoin:

Endorsement From Celebrity: The involvement of celebrities, news coverage, and engagement from the community have contributed significantly to the growth of Dogecoin. 

This cryptocurrency has become an important financial instrument, often included in institutional investment portfolios and widely accepted by exchanges.

Notably, famous figures such as rapper Snoop Dogg, rock band KISS leader Gene Simmons, and Tesla CEO Elon Musk have been vocal about their support for Dogecoin, with Musk tweeting about the cryptocurrency since 2019 and each tweet causing a surge in its price.

Market Sentiment: Like any other asset, the price of Dogecoin is influenced by market sentiment. If investors are optimistic about the future of Dogecoin, they may buy more, driving up the price. Conversely, if investors are bearish about the cryptocurrency, they may sell their holdings, causing the price to decline.

-Featured image from Pixabay and chart from Tradingview

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