• Wed. Feb 21st, 2024

Dogecoin (DOGE): Evaluating Probability of Retaining Bullish Strength Amidst Current Turbulence

Barry Douglas

ByBarry Douglas

Nov 13, 2022

Dogecoin gained 5.84% between November 11 and 12, contrary to the trends by most digital coins within the top 10. The meme coin’s current trends differ from its outlook before the price surge. Coinmarketcap data showed Dogecoin initially plunged to $0.81.

Moreover, the alternative token surrendered multiple support levels before the momentum shift. The 4hr chart shows DOGE has been losing support zones since November 10. The support had dipped towards the $0.766 low as of early November 12 hours.

Nevertheless, the distribution and accumulation surged by Dogecoin investors appeared to have affected the trend reversals. While publishing this content, the distribution and accumulation levels soared to 26.62 billion.

That indicated increased demand for the altcoin. Thus, the surge likely emerged from a bullish action. Assessing the RSI (Relative Strength Index) chart shows Dogecoin approaching a massive buying territory.

The indicator read 50.62, and DOGE seemed ready to retain the current price surges. Nonetheless, the Relative Strength Index may have to improve its ongoing performance before assuring an uptick. Nevertheless, Dogecoin outshined other alternative tokens, despite the market distress.

Socials Surge and More

The November 12 LunarCrush tweet indicated that Dogecoin topped the marketplace performance amongst the 3,973 alts. The crypto social network revealed that Dogecoin’s social volume hovered at 66,314. Meanwhile, the token’s engagements across social platforms stood at 160.11 million.

That showed the DOGE community influenced the crypto’s price direction. Also, the token was among the most discussed on several social sites. That means DOGE excelled without Bitcoin’s help. Moreover, Dogecoin seemed ready to maintain its bullishness.

Though not near November 10 highs, DOGE’s positive sentiment increased to 71.918 (Santiment data). Meanwhile, the negative sentiment remained lower at around 47.082. That means most investors believed in DOGE greens in the upcoming sessions.

Moreover, the realized market capitalization HODL waves surged to 9.85 during this publication. Considering the upsurge, it meant Dogecoin experienced increased on-chain inflows.

Moreover, longer-term DOGE holders have utilized coins within their dormant wallets recently. Nevertheless, Dogecoin whales appeared unfazed, with the whale supply remaining around the 40% mark.

Stay tuned for the latest crypto news.

Barry Douglas

Barry Douglas

Barry Douglas, a seasoned online trading expert, enriches Big Trends Signals with his extensive industry experience, writing insightful guides and comprehensive reviews to assist traders navigate digital markets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content