As the week drew to a close, the cryptocurrency market began leaning towards the bear. Altcoin graphs blinked green with Dogecoin [DOGE] suffering the biggest hit on Friday. The meme coin , after enjoying a bull run last week, fell by double-digit numbers as the market cap had a big chunk taken from it.
At press time, Dogecoin was trading for $0.227 while the market cap closed at lunch for $35.76 billion. DOGE’s 25 percent dip over the past week brought its daily trading volume to 2.157 billion. Sitting in the 7th position on the charts, Dogecoin still had some ways to go before overtaking its nearest competitor ie. XRP.
Dogecoin 1 hour:
Technical indicators pointed to the cryptocurrency trying its best to level the playing field with a positive user sentiment push. Dogecoin’s immediate price support fell to $0.268 over the past 24-hours as the bull took charge of the market.
Bollinger bands- The upper band and the lower band moved parallel to each other with a lack of a strong Bollinger cloud.
Chaikin Money Flow- Dogecoin’s CMF crossed the zero line as the capital coming into the market overtook the outflow.
Relative Strength Index- The RSI was near the oversold zone which meant that more users were selling their DOGE than keep it.
Dogecoin 1 day:
In the long term, Dogecoin was still in its nascent stages. Recent price actions have allowed its volatility to be showcased with its histogram interspersed with green and red candles.
Chaikin Money Flow- Dogecoin’s sideways movement put a dampener on investor sentiments with capital influx dropping to 2-week lows.
Relative Strength Index- The RSI saw an uptick after a strong push by its user base. DOGE HODLers are driven by the sentiment that the cryptocurrency will “shoot to the moon” in the coming years.
Bollinger bands: Both the band’s formed an open mouth punctuated by Dogecoin’s last bullish run.