The crypto-verse welcomed an array of currencies over the years. Dogecoin [DOGE], however, stood out for being associated with a meme. The asset grew in popularity for the same reason and even went on to garner the endorsement of an array of celebrities. Elon Musk undoubtedly topped this list as he began showing support for the asset suggesting that it was his “favourite coin”.
Despite the support and endorsements the altcoin received, it failed to surge past $1. The crypto rally did not make a major difference to Dogecoin. Moving over the price, the altcoin’s market cap did see a prominent surge further allowing it to amass a spot in the top ten. DOGE was seen contributing to the massive $1.61 trillion overall market cap of the crypto-verse by accounting for $40 billion. This number further allowed the asset the sixth rank just above XRP.
At the time of writing, DOGE was trading for $0.30 with a 1.07% drop in the last 24-hours. Over the last week, the altcoin incurred losses up to 8.54%. Just one month ago, DOGE hit an all-time high of $0.73.
Dogecoin [DOGE] one-hour price chart on Gemini
The short-term price chart of DOGE noted a mixed notion. While some indicators were inclining towards the bull, a few others were laying their focus on the bears. The Parabolic SAR indicator underwent a change in its trend earlier today. The indicator formed a single dot over the candlesticks alerting the presence of bears in the DOGE market. The Awesome Oscillator echoed this notion as it formulated red closing bars.
However, the Chaikin Money Flow [CMF] indicator insinuated a bullish predilection as the CMF marker was over the zero median at the bullish arena.
The one-hour price chart of DOGE had strong sellers’ sentiment. The Relative Strength Index marker was seen below the 40 median which indicated increased selling activity in the Dogecoin market.