Out with the bear and in with the bull. All the assets were embracing this bullish notion. However, Dogecoin [DOGE] had taken things up a notch. Despite falling hard in terms of both price and market cap, the altcoin was seen outshining other assets in terms of daily gains.
Bitcoin [BTC] had finally hit the $50K mark. After a long and hard struggle, the king coin managed to steer towards its current zone. Simultaneously, the market cap of the asset rose over a high of $900 billion and was seemingly on its way over to $1 trillion. Ethereum [ETH] had marked its territory at $3K and vowed not to fall back again. Similarly, all the assets noted a major uptrend.
Despite starting out as a meme coin, Dogecoin [DOGE] managed to garner the attention of the entire globe. Its popularity was on par with that of Bitcoin’s for the longest time. With GenZ expressing immense interest in the asset, DOGE became a household name. All this popularity had no effect on the price of the coin. Not only did the asset fail to hit $1, but it also prolonged its downtrend.
At the time of writing, DOGE was trading for $0.23 with an 11.69% surge in the last 24-hours. The market cap of the asset was at $31.3 billion which allowed DOGE a spot as the tenth-largest cryptocurrency.
Dogecoin [DOGE] one-hour price chart on Binance
Dogecoin’s hot streak was certainly coming to an end. The short-term price chart of DOGE noted major signs of the bear. The Parabolic SAR indicator formed dotted lines over the candlesticks which acted as a line of resistance. Not only did this line block any further uptrend, but it could also push DOGE down. The Chaikin Money Flow [CMF] indicator was still on the bullish side. However, the CMF marker was pointed towards the bearish zone.
The Relative Strength Index [RSI] indicator suggested that the DOGE market had increased buying activity.