The cryptocurrency market’s latest ascension has been the talk of the town after coin prices hit new highs. Altcoins followed the bullish path set by Bitcoin with some enjoying the path more than others. Ninth-ranked Dogecoin rallied on Monday despite the slowdown shown by its peers.
At the time of writing, Dogecoin was trading for $0.25 with a total market cap of $33.63 billion. Monday’s 8.2 percent growth was enough to set it off on a bullish tear. The daily trading volume increased to $33.63 billion, clocking more than bigwigs such as XRP and Cardano.
Dogecoin 1 hour:
The bull’s impact was evident on the chart after the green candles grabbed headlines. Dogecoin’s revival from the stagnant price movement was helped along by positive sentiment from it’s user base. The immediate support was at $0.21 after a lackluster two weeks.
Relative Strength Index: Dogecoin’s RSI fell back within range although the buying pressure remained high. With the latest price hike, the number of users HODLing the cryptocurrency overtook the number of sellers.
Chaikin Money Flow: The graph fell sharply below the zero line after spiking the previous night. This meant that the capital leaving the market was more than the influx.
Parabolic SAR: Recent markers remained below the candles as the bullish momentum increased. The markers further meant that user sentiment leaned towards the positive zone.
Dogecoin 1 day:
In the long term, Dogecoin’s price was showing signs of recovery. The immediate support was still near $0.17 as consecutive green candles crowded the graph.
Relative Strength Index: Unlike the hourly graph, the RSI here was steadfastly bullish. The vertical hike also meant that there was a surge of incoming Dogecoin HODLers.
Parabolic SAR: Dogecoin’s strong weekly gains allowed the marker to fall below the price candle. The sustained pressure was important because of the PSAR’s bearish signals.
Chaikin Money Flow: The daily CMF was right on the zero line, signaling an ecosystem vying its options. As of now, the capital influx and outflow are equal to each other.