Home » Crypto Bits Share: Share: The biggest meme coin by market capitalization has jumped by double digits over the past 30 days, increasing its dominance in its niche. However, certain technical indicators suggest the bears may soon regain control. 114 (according to CoinGecko), representing an impressive 8% increase on a two-week basis and a 25% surge for the month.
In fact, it has outperformed many leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), over these time frames. Nonetheless, the renowned analyst Ali Martinez tempered the excitement in the Dogecoin community after noting that the TD Sequential indicator had flashed a sell signal on the meme coin. Another short-term warning sign is DOGEâs Relative Strength Index (RSI).
The technical analysis tool is often used by traders to spot potential price reversal points and ranges from 0 to 100. Readings above 70 indicate that the meme coinâs valuation has risen too much, too quickly, and could be due for correction. On the contrary, anything below 30 suggests that the token is oversold and on the verge of a resurgence.
As of this writing, DOGEâs RSI stands at roughly 88. Despite the aforementioned indicators hinting at a price decline in the near future, multiple market observers remain optimistic that the meme coin has plenty of fuel left to post further gains. - Dogecoin (DOGE) Whales Quietly Accumulate as Holdings Hit Record Levels - Whales Canât Get Enough of Meme Coins as FLOKI Explodes 950% - DOGE, SHIB, PEPE Explode: Is Meme Coin Frenzy Back in Full Force?
â For their part, JAVON MARKS argued that the asset has started responding even more positively to a major bullish divergence that has been holding with the MACD. 25. MikybullCrypto followed up with an even more optimistic outlook.
They suggested the current levels are âthe best areaâ to hop on the bandwagon before âthe massive bullish tide,â forecasting an astronomical explosion to $12. 8 trillion. 8 trillion.
