Dogecoin Surpasses Polkadot – Can DOGE Maintain Its Aggressiveness?
September 20 2022 - 2:00AM
NEWSBTC
Traders should definitely keep their eye on Dogecoin (DOGE) as the
popular dog meme coin hints at a 30% rally in the coming days. DOGE
hints at a 30% rally in the coming days Dogecoin blazes past
Polkadot with a wide difference seen at around $576.235 million
DOGE price spiked by 2.25% As the second biggest proof-of-work
blockchain network and the 10th largest crypto in terms of market
cap, DOGE seems unstoppable at this point. Since September 18,
Dogecoin has been expected to blaze past Polkadot with the
demarcation seen at roughly $576.235 million. According to
CoinMarketCap, DOGE price has surged by 2.25% or trading at
$0.05813 as of press time. The recent decline seen in August has
propelled many traders to buy DOGE at a low price. Related Reading:
Ethereum Could Gain 10% Before ETH Resumes Its Reversal Bulls To
Overtake Bears With 30% Rally Judging by the 8-hour chart, the
Fibonacci Retracement tool shows the August high registered at
around $0.092, and it’s recent low spotted at $0.054, demonstrating
a retracement by 63.4% at the $0.08 level. If the on-chain metrics
are accurate, the bears may be hit hard with a 30% price rally.
More so, the 4-hour chart also shows mild indications of a bullish
divergence implying Smart Money penetrating the market. DOGE’s
sudden spike may be due to the increase in volume seen in the past
few days. The meme coin’s trading volume is seen to bolster from
202.16 million hitting 344.5 million. One of the reasons for DOGE’s
growth could be attributed to the meme coin exhibiting an uptick in
its volume over the past couple of days. The volume grew from
202.16 million all the way to 263.32 million at press time. And
it’s not just the trading volume that has shown remarkable growth,
the active wallet addresses increased as well. The dynamic wallet
addresses increased from 113k on September 15 to 120k on September
18. The velocity of Dogecoin also ramped up which implies an
increase in buying and selling activity. DOGE is also bound to
attract more miners, especially with its pump in hash rate which
has grown by 4.86% as seen in the past week showcasing the
robustness and security of the Dogecoin blockchain. Dogecoin Social
Metrics Drop On the other hand, DOGE’s social media metrics have
plummeted. August wasn’t a good month with DOGE’s social mentions
shown to have plunged by 30.02% and social engagements dropped by
-39.82%. The decline in social media metrics may negatively impact
DOGE prices. Chart: Messari Another bad news is that the whales’
interest in DOGE seems to have tapered off in August with the
number of wallets dropping as much as 13.04% in the past 30 days.
Polkadot has also shown some turbulence in terms of volatility and
also social media metrics which could be the primary reason why
traders seem to have been shying away from the token. Overall,
traders are said to remain cautious as meme coins are known for
their extreme volatility. Even DOGE prices can change abruptly with
any new updates or even some announcements from Elon Musk. Related
Reading: Chiliz Bulls Test $0.2505 Resistance – Can CHZ Reach Green
Zone? DOGE total market cap at $7.7 billion on the daily chart |
Source: TradingView.com Featured image from Reuters, Chart:
TradingView.com (The analysis represents the author's personal
views and should not be construed as investment advice).
Polkadot (COIN:DOTUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Polkadot (COIN:DOTUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024