Ripple CEO Throws Shade at Dogecoin, Price Takes a Hit

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Ripple CEO Throws Shade at Dogecoin, Price Takes a Hit
  • Dogecoin’s increased trading volume hints at heightened market interest despite recent price volatility.
  • Key support for Dogecoin lies at $0.141, with critical resistance at $0.148 and $0.150 in the near term.
  • RSI nearing oversold territory and MACD below the signal line indicate a bearish short-term outlook for Dogecoin.

Ripple CEO Brad Garlinghouse recently voiced skepticism about Dogecoin (DOGE) and other speculative assets during the Consensus conference, sparking debate about the future direction of the cryptocurrency market.

Dogecoin is currently priced at $0.1409, a 2.85% decline in the last 24 hours. The cryptocurrency’s price has been volatile, rising to $0.148 before declining, likely in response to market dynamics and increased trading activity. The 24-hour trading volume is $980.86 million, a 51.86% increase, indicating heightened interest amidst the price fluctuations.

Dogecoin has experienced a significant drop from its 2021-2022 highs. Investors should be mindful of key support and resistance levels that could influence future price movements.

The immediate support level for Dogecoin is around $0.141. This level has recently been tested, and should the price fall below it, the next crucial support to watch would be approximately $0.140, a psychological threshold. On the flip side, the immediate resistance level is at $0.148. Breaking above this could pave the way for testing higher resistance around $0.150.

For a mid-term perspective, support is identifiable in the $0.130-$0.135 range. Historically, this range provided a base during previous declines, making it a significant level to monitor. Meanwhile, resistance in the mid-term lies around the $0.155-$0.160 range, which acted as a ceiling before the price declined further.

The volume-to-market cap ratio stands at 4.80%, indicating an active market. With a circulating supply of 144.66 billion DOGE and a market cap of $20.39 billion, significant changes in volume can impact the price noticeably.

Dogecoin/USD 1-day price chart, Source: Trading view

The 1-day Relative Strength Index (RSI) of 36.67 suggests that Dogecoin is nearing oversold territory, potentially indicating a price reversal or stabilization. Additionally, the 1-day Moving Average Convergence Divergence (MACD) is below the signal line, signaling a bearish short-term outlook.

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