{"id":596473,"date":"2024-03-06T07:28:12","date_gmt":"2024-03-06T07:28:12","guid":{"rendered":"https:\/\/wncen.com\/?p=596473"},"modified":"2024-03-06T07:28:54","modified_gmt":"2024-03-06T07:28:54","slug":"can-doge-avoid-a-dive-sell-pressure-puts-memecoin-to-the-test","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/can-doge-avoid-a-dive-sell-pressure-puts-memecoin-to-the-test\/","title":{"rendered":"Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test"},"content":{"rendered":"

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.<\/p>\n

Related Reading: Bitcoin On The Brink, Price Soars Above $68,000 \u2013 Will BTC Break Its 2021 Record?<\/a><\/p>\n

DOGE Market Dynamics And Technical Indicators<\/strong><\/h2>\n

At the time of writing, Dogecoin was trading at $0.16, reflecting a remarkable 103% surge in the past seven days.<\/a> This increase catapulted DOGE ahead of major cryptocurrencies like AVAX, DOT and TRON. Despite this positive momentum, technical indicators suggest a nuanced situation.<\/p>\n

\"\"Source: Coinmarketcap<\/pre>\n
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.<\/p>\n
Sentiment And Social Activity<\/strong><\/h2>\n
Social dynamics appear to play a pivotal role in Dogecoin’s recent surge. The social volume, often linked with price movements,<\/a> witnessed an uptick, indicating a positive correlation between growing interest and discussions around Dogecoin and its upward momentum.<\/p>\n
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.<\/p>\n
<\/div>\n
\n
DOGE market cap currently at $23.7 billion. Chart: TradingView.com<\/a><\/pre>\n<\/div>\n
Holder Metrics, Cautionary Signs<\/strong><\/h2>\n
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,<\/p>\n
\"\"Source: Santiment<\/pre>\n
Industry Observations<\/strong><\/h3>\n
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.<\/p>\n
\n
That moment Doge flips Cardano. It’s officially alt-season kids pic.twitter.com\/cjNGNGKoi3<\/a><\/p>\n
\u2014 Charles Hoskinson (@IOHK_Charles) March 5, 2024<\/a><\/p><\/blockquote>\n
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.<\/p>\n
Related Reading: FLOKI Grows Over 300% As Memecoin Breaches $400 Million TVL \u2013 Details<\/a><\/p>\n
Featured image from Freepik, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u2013 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 \u2014 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 \u2013 Details Featured image from Freepik, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":596484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,6664,1785,91791,85699],"class_list":["post-596473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-crypto","tag-doge","tag-dogeecoin","tag-memecoin"],"acf":[],"yoast_head":"\nCan DOGE Avoid A Dive? 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can DOGE Avoid A Dive? 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