Dogecoin's price has been under pressure today, largely due to a significant market-wide selloff that has affected major cryptocurrencies. The crypto market experienced its largest single-day liquidation event since the 2020 COVID correction, with over $2 billion in liquidations within 24 hours. This has led to a sharp decline in the total digital asset market cap, which dropped by 6.5% to $3.3 trillion. Dogecoin, along with other major altcoins like Solana and Cardano, has been hit hard by the sell pressure. Binance CEO Richard Teng addressed the volatility, stating, "This too shall pass. It’s helpful to realize that this downturn is temporary," and encouraged investors to focus on skill-building during this market slump.
Despite the broader market downturn, there are technical indicators suggesting potential for a Dogecoin rebound. Recent analysis indicates that Dogecoin might be forming an ascending triangle pattern, a bullish signal that could lead to a price surge if the pattern holds. The Relative Strength Index (RSI) for Dogecoin recently fell below 30%, indicating it is oversold, but has since bounced back, suggesting increased buying interest. However, the current market conditions have overshadowed these positive signals, contributing to Dogecoin's decline today.
Dogecoin's price has fallen by 4.65% today, reaching a low of $0.271819.