Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test

Name	Symbol	Market	Market Cap ($)	Algorithm
Cardano	ADAUSD	Crypto	16,254,689,551	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Cardano

ADAUSD

Crypto

16,254,689,551

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0123	2.72%	0.4643	0.4641	0.4642

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0123

2.72%

0.4643

0.4641

0.4642

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4643	0.4467	0.4516	0.452	0.216009 - 0.810200

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4643

0.4467

0.4516

0.452

0.216009 - 0.810200

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:52:12	36.50	0.4642	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:52:12

36.50

0.4642

USD

Price x Volume	Volume	Base Symbol	Related Pairs
7,082,635.55	15,510,404.65	ADA	ADAEUR	ADAGBP	ADABTC

Price x Volume

Volume

Base Symbol

Related Pairs

7,082,635.55

15,510,404.65

Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test

06/03/2024 7:28am

NEWSBTC

Dogecoin (DOGE) has solidified its position as the eighth-largest cryptocurrency by market capitalization, leaving industry observers amused and sparking humor from Cardano’s founder, Charles Hoskinson. The memecoin experienced a substantial upswing, propelling its market cap to approximately $28 billion, surpassing Cardano’s $27 billion valuation. Related Reading: Bitcoin On The Brink, Price Soars Above $68,000 – Will BTC Break Its 2021 Record? DOGE Market Dynamics And Technical Indicators At the time of writing, Dogecoin was trading at $0.16, reflecting a remarkable 103% surge in the past seven days. This increase catapulted DOGE ahead of major cryptocurrencies like AVAX, DOT and TRON. Despite this positive momentum, technical indicators suggest a nuanced situation. Source: Coinmarketcap The Relative Strength Index (RSI) for Dogecoin stands at slightly above 67, signaling an overbought condition. While the price is on an upward trajectory, there is a possibility of susceptibility to a corrective phase. Meanwhile, the Chaikin Money Flow (CMF) at nearly 0.20 presents a mixed picture. A positive CMF indicates strong buying pressure, but an upward trend may also signify potential profit-taking, hinting at a possible sell-off. Sentiment And Social Activity Social dynamics appear to play a pivotal role in Dogecoin’s recent surge. The social volume, often linked with price movements, witnessed an uptick, indicating a positive correlation between growing interest and discussions around Dogecoin and its upward momentum. Weighted sentiment, a crucial metric reflecting community sentiment, has shown an increase, with positive comments outweighing negative ones. This surge in positive sentiment adds fuel to DOGE’s positive momentum in the market. DOGE market cap currently at $23.7 billion. Chart: TradingView.com Holder Metrics, Cautionary Signs Despite the positive indicators, cautionary signs emerge as the rise in the percentage of short positions against DOGE reveals a cautious sentiment among traders. The increase in short positions suggests a bearish outlook, prompting investors to be mindful of potential impacts on the coin’s prices, Source: Santiment Industry Observations The overtaking of Cardano by Dogecoin in market capitalization has drawn attention from industry observers, including Hoskinson. In a light-hearted manner, he declared the beginning of what many are calling “alt-season.” This observation adds a layer of industry perspective to the ongoing developments in the cryptocurrency market. That moment Doge flips Cardano. It’s officially alt-season kids pic.twitter.com/cjNGNGKoi3 — Charles Hoskinson (@IOHK_Charles) March 5, 2024 Dogecoin’s recent surge to become the eighth-largest cryptocurrency brings a mix of excitement and caution. While positive sentiment, social activity, and industry observations contribute to its momentum, technical indicators and cautionary signs suggest a need for prudence. Related Reading: FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL – Details Featured image from Freepik, chart from TradingView

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ADAUSD Cardano