Dogecoin [DOGE] and its peer altcoin market’s recovery over the past week has brought in more positive sentiment for the industry and its proponents. Bitcoin’s price climb generated enough momentum for altcoins such as Ethereum [ETH] and Dogecoin [DOGE] to also jump on the rafters.
Jackson Palmer’s meme project has definitely done well for itself with the seventh-largest cryptocurrency on the charts holding a market cap of $31.5 billion. At press time, Dogecoin [DOGE] was trading for $0.23 after a 10.5 percent surge over the previous 24-hours. DOGE’s latest hike occurred post an immediate support break.
Dogecoin [DOGE] 1 hour:
Hourly charts painted a rosy picture for the cryptocurrency with the formation of a sustained support. The current hold was at $1.69 while the immediate resistance was marked at $2.83.
The Relative Strength Index climbed towards the overbought zone after a noticeable hike in DOGE’s price. As more investors enter the ecosystem the graph is expected to touch the overbought threshold. According top the Chaikin Money Flow indicator, the capital coming into the DOGE market was not enough to outweigh the oversell.
Only the Parabolic SAR fully sided with the bull as the markers remained below the price candles. The sustained hold at the bottom signified an effective bull run.
DOGE 1 day:
DOGE’s performance in the long term has been split since January of this year. June’s bear run has wiped out most of the gains racked up this year. The Chaikin Money Flow indicator sharply turned towards the zero line as more investors pumped money into the DOGE ecosystem.
The Relative Strength Index had capitulated near the oversold zone. It remains to be seen if the movement will be positive at market open but if the candles hold firm, the overbought zone may appear at sight. The Parabolic SAR for the long term was opposite to the earlier chart as all the markers were above the candles.