Dogecoin (CRYPTO: DOGE) sank alongside the broader cryptocurrency market Thursday as investors moved away from speculative assets in response to macroeconomic uncertainties.
DOGE Extends Decline
The world's largest meme coin by market capitalization fell over 5% in the last 24 hours, exceeding the declines seen in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The coin's trading volume surged 23% in the 24-hour period, suggesting high selling pressure. The latest dip extended DOGE's losing streak, with the token shedding nearly 20% in a week. The
Speculative interest in the coin waned, with open interest in DOGE futures dropping 4.53% in the last 24 hours to $1.20 billion, according to Coinglass.
Stronger-than-expected economic data lowered expectations for Fed rate cuts, triggering a broader slump across cryptocurrencies and stocks.
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DOGE Still In A Bull Cycle, Says Analyst
Widely followed cryptocurrency analyst KrissPax acknowledged the "short-term pullback, but said "nothing has changed" over a four-year cycle.
"We are still in a bull cycle and the trend points to another run up for DOGE," the analyst remarked.
Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Sell” signal for DOGE, according to TradingView.
Price Action: At the time of writing, DOGE was exchanging hands at $$0.2265, down 5.18% in the last 24 hours, according to data from Benzinga Pro.
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Photo Courtesy: Piotr Gortat on Shutterstock.com
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