Dogecoin ranks as the poorest performer among top 50 cryptocurrencies, delaying alt-season prospects
Dogecoin, Elon Musk’s favourite cryptocurrency, has fallen by over 26% in the past 90 days, underperforming other altcoins such as Luna Classic and Huobi Token. This lack of growth has affected the overall market, as alt-season, when 75% of the top 50 altcoins perform better than Bitcoin over a 90-day period, has been delayed. The last alt-season was observed in August-September 2022, when Bitcoin fell by 23% in three weeks. The performance of Dogecoin, in particular, has caused the crypto market to experience a Bitcoin season. At the time of writing, Dogecoin is trading at $0.072 and is inching closer to the critical support level at $0.067, which marks the year-to-date low. If Dogecoin falls below this support level, it could fall to $0.057, resulting in a 20% crash. The Relative Strength Index is nearing the oversold zone, which may trigger a trend reversal and allow for a recovery in the Dogecoin price. However, to invalidate the bearish thesis, Dogecoin would need to rally by 16% and breach the critical resistance at $0.082.