The bears made quite an entry into the crypto market. Dogecoin [DOGE] seemed to be the victim of the latest bearish aversion. While several assets were transcending into the bullish zone, DOGE, Polkadot [DOT], and a few others remained intact in the bearish market.
Last week was certainly beneficial for all the crypto assets. Bitcoin [BTC] managed to ascend closer to its all-time high of $64K. At the time of writing, BTC was trading for $62K. The overall market cap of the crypto-verse was at $2.49 trillion and BTC accounted for $1.17 trillion. Apart from BTC, Binance Coin [BNB] was the only other asset that was seen bagging profits.
Volatility had hit the Dogecoin [DOGE] market. Earlier today, the price of the asset was seen surging, however, just a couple of hours later, DOGE was dropping by 7.97%. During press time, the meme coin was trading for $0.24. The altcoin amassed gains of about 10% over the previous seven days, but, the bears seemed to be taking it all away from DOGE.
This year, Dogecoin made its debut in the top 10. Seems like this would prolong for a while as the altcoin’s market cap was at $32.4 billion, at the time of writing. This further allowed the asset a spot as the 10th largest cryptocurrency.
Dogecoin [DOGE] one-hour price chart on Binance
The short-term price chart of DOGE made it clear that the bears were currently residing in the market. This notion was further affirmed by the MACD indicator as it formed a bearish crossover. However, since the MACD line and the signal line were inching close to each other, the chances of a bullish crossover weren’t too bleak.
Dancing to a whole new tune, was the Chaikin Money Flow [CMF] indicator. The CMF market slumped down below the zero median into the bear residence and jumped back over to the bullish arena, further establishing a reversal in the ongoing trend.
The Relative Strength Index [RSI] indicator noted a sellers’ market for Dogecoin as the RSI marker remained below the 50 median.