Dogecoin (DOGE) Price Worst Hit As Altcoin Bloodbath Intensifies

Dogecoin (DOGE) price slid further down after breaking the key support level of $0.223 yesterday. The seventh-largest crypto-asset lost another 6% over the past 24-hours, making it one of the worst-performing altcoins among the top-10 cryptocurrencies. The meme coin has already lost 72.2% from its ATH of $0.735 and a dip below $0.200 levels could increase the risk of registering a new 3-month low.
The meme currency started to show signs of recovery at the time of writing as its price jumped to $0.213 at the time of writing, but a 4% recovery is minimal considering the volatility of the altcoin.
The crypto market slump continued in the second week of July as market sell-off led to a 3% decline in overall market cap. While BTC fell below the $33k support level again, altcoins took an even bigger hit falling in the range of 3%-5%. Ethereum (ETH) was the worst hit with an over 4% decline in price in the last 24-hours as the $2,000 support level is back in play. For ETH, there are multiple support levels between $1,850-$2,000.
In theory, what this means is that even if $ETH briefly lost the multi-month Higher Low (black) & retraced to the high $1800s…#ETH would still maintain the bottom of its blue wedging structure
Lots of confluent support in the $1850-$2000 area#ETH #Crypto #ethereum https://t.co/UsKTfZc5V0 pic.twitter.com/Ndr9O8f8wG
— Rekt Capital (@rektcapital) July 8, 2021
Altcoin Bloodbath with DOGE Price hit Worst
The crypto market has been in the bearish phase ever since the May second week mayhem that wiped off nearly $1 trillion from the crypto market cap. Bitcoin and altcoins since then have been in a consolidation range trying to avoid any further crashes. The weekends have proven to be bearish over the past couple of months registering a sell-off followed by low liquidity.
It’s now or never for DOGE holders and Elon Musk, as investors seem to lose trust in Dogecoin. Major altcoins Binance Coin (BNB), Cardano (ADA), XRP, Solana (SOL) are all on the verge of seeing another bloody weekend, holding onto their key support zone. BNB is currently trading above $309 trying to hold onto the support above $300, Cardano fell to $1.33, XRP is holding onto $0.60 support while Solana has lost nearly 7% as its price fell below $33. A price slump from these support zone could lead to another sell-off spree as investor patterns indicate bearish sentiments are more dominant at the moment.
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?