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Why Is Dogecoin Price Falling Today?

Dogecoin (DOGE) drops 11.75% amid macroeconomic headwinds, with potential for further 25% decline by February.

• Main Points:

  • Current Price Action: DOGE trades at $0.352, down 11.75% in 24 hours.

  • Market Factors: Strong U.S. economic data and rising Treasury yields impact risk assets.

  • Technical Outlook: DOGE faces resistance; a potential bull flag pattern suggests volatility ahead.

  • Liquidations Surge: $26.95M in DOGE liquidations adds to selling pressure.

• Detailed Insights:

  • Macroeconomic Pressure: Strong ISM and JOLTS data reduced hopes of Federal Reserve rate cuts, leading to risk-asset sell-offs.

  • Treasury Yields Impact: 10-year Treasury yields hit new highs, dampening appetite for crypto investments.

  • Technical Setup: DOGE’s bull flag suggests a potential drop to $0.266 or a breakout to $0.830.

  • Liquidation Cascade: Over-leveraged long positions contributed to the broader market decline.

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Bitcoin RSI Hits Oversold Levels Amid Price Dip

Bitcoin's hourly RSI plunges to its most oversold level since October, prompting traders to anticipate a short-term relief bounce.

• Main Points:

  • RSI Crash: BTC hourly RSI drops from 81.7 to 16.6 in a single day.

  • Price Action: BTC falls 5%, trading around $95,837.

  • Trader Sentiment: Analysts expect a relief bounce but remain cautious of further downside.

  • Bearish Forecasts: Predictions suggest potential drops to $90K or even $80K in January.

• Detailed Insights:

  • Oversold Signal: Hourly RSI levels suggest BTC is highly oversold, historically a precursor to relief rallies.

  • Deviation Observed: RSI divergence from price trends often signals imminent bounce opportunities.

  • Elliott Wave Theory: Analysts predict near-term lows but remain optimistic for new all-time highs after recovery.

  • Market Context: Bearish sentiment dominates ahead of the U.S. presidential inauguration.

Crypto Market Drops Amid Strong U.S. Economic Data

The cryptocurrency market lost 6.3%, with Bitcoin retreating below $100,000 due to robust U.S. economic data signaling potential rate hikes.

• Main Points:

  • Market Decline: Total market cap fell to $3.35 trillion, with Bitcoin leading losses.

  • Major Liquidations: $631M in long positions wiped out, reflecting overleveraged bullish sentiment.

  • Economic Impact: Strong U.S. data dampened risk appetite across crypto and equity markets.

  • Bearish Signals: Crypto market lost key support at its 50-day SMA, signaling potential further drops.

• Detailed Insights:

  • Bitcoin Drop: BTC fell 6.35% to $95,599, triggering panic selling across major altcoins like ETH (-10%), DOGE (-12%), and ADA (-11.7%).

  • Liquidation Cascade: Nearly $1.2B in market value erased as leveraged positions were forced to close.

  • Equity Spillover: U.S. indices like the S&P 500 (-1.1%) and Nasdaq mirrored crypto's downturn, driven by rate hike fears.

  • Technical Weakness: RSI divergence and loss of 50-SMA support indicate bearish momentum, with the crypto market possibly testing $3.18T.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results