Briefly –
- In Q2 2021, DOGE surged by a notable 366%.
- The canine-themed asset outperformed the top 5 Cryptos in that period.
- Dogecoin struggles to maintain support at 200-day MA.
- The meme-coin has retraced by about 77% since recording its highest price of $0.74 at the beginning of May. That was due to Musk’s SNL hosting.
The 2nd quarter of this year had Dogecoin outperforming the top five virtual coins. That is according to the Q2 reports by CoinGecko. The source declared that DOGE increased by a whopping 366% during the same period.
CoinGecko team stated that the crypto market depicted a meme frenzy in Q2. Dogecoin led them with a striking 366% gain. Remember, BTC lost around 40% of its value in quarter two. Moreover, the top-five crypto coins by market dominance saw underperformances since the last quarter.
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DOGE Battels to Hold the 200-d MA as Support
At the moment, Dogecoin hovers near the $0.17 mark after the current price actions. Moreover, the altcoin trades beneath the 200-d MA for now, according to its daily price chart.
DOGE/USDT Price Chart
Market players can observe the following from the DOGE-USDT’s daily chart:
Dogecoin shows downtrend momentum as it retraces by about 77% since claiming its highest value in May at $0.74. Keep in mind that the asset surged to its highest value while anticipating the appearance of Elon Musk on Saturday Night Live. Furthermore, Musk has been backing the meme crypto for years. Surprisingly, DOGE plummeted after the executive appeared on the live show.
DOGE has chances to attain the death cross in the coming month. The 50-d MA appears to cross the 200-d MA as of July end.
Dogecoin has its trading volume dropping drastically from where it was in May and April.
The daily MACD hints at a bearish occasion for DOGE.
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Meanwhile, the daily RSI and MFI show slightly oversold scenarios that might help the meme coin reclaim its support at 200-d MA in the weeks to come.
For now, anyone interested in altcoins like Dogecoin needs to consider any BTC volatility as most assets show a high Bitcoin correlation. However, the market waits for the correct catalysts to register price movements.
