Dogecoin (CRYPTO: DOGE) traded 0.46% lower over 24 hours at $0.20 early Thursday morning.
What’s Moving? The meme cryptocurrency has fallen 8.99% over the last seven days.
Against coins with larger market capitalization, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), DOGE fell 1.7% and 1.9%, respectively.
Since the year began, DOGE has risen 3477.28% hitting an all-time high of $0.74 in early May.
See Also: How To Buy Dogecoin (DOGE)
Why Is It Moving? DOGE traded mostly muted in tandem with other major coins as the global cryptocurrency market capitalization rose 0.8% to $1.92 trillion.
See Also: What’s Going On With Ethereum?
DOGE did not see high interest from retail investors on Twitter at press time. The coin was mentioned in 1,886 tweets, as per Cointrendz data.
The most mentioned coins on Twitter were BTC and Solana. BTC and SOL were mentioned in 6,016 and 4,422 tweets, respectively.
Increased correlation between equities and cryptocurrencies are sparking worries about inflation, which has been on the upswing in the United States.
On the other hand, the correlation between the largest cryptocurrency, BTC, and commodities has been declining in the last few months due to the rise in oil and gas prices, as per CoinDesk.
As per a report from CoinQuora, DOGE is “nearly oversold” RSI of about 38 after losing 10% over the last seven days leading up to Wednesday.
The analysis from CoinQuora suggests that if the trend continues, DOGE could move to its $0.04 support level and drop lower but the RSI number also augurs well for a trend reversal that could see the price shooting up to the key $1 level.
Meanwhile, Verifone one of the largest point-of-sale providers globally could allow users to make purchases with DOGE and other cryptocurrencies on its newest range of terminals.
Verifone’s client list includes Yum! Brands, Inc (NYSE:YUM) — a company that operates Taco Bell, Pizza Hut, and KFC restaurants.