Last week the top 10 cryptocurrencies ranking was reshuffled as Dogecoin (DOGE) shot directly to the 8th area with a market cap just under $18 billion. If we miss stable coins as well as exchange related coin BNB after that this meme coin took the # 4 place right listed below the Surge (XRP).
If we consider the seven-day efficiency of leading ten cryptos in the table below– none of them could boast the three-way digit gain that we see in Dogecoin with +125% growth.
If this rally stays undamaged, the Surge could lose its # 3 area soon. The cost of the DOGE must add another 1/3 to 18 cents for this to take place.
leading 10 coins
Source: coinmarketcap.com
What has fueled such a strong rally of this coin? The major factor is the hope that includes the last requisition of Twitter by Elon Musk, that is a large fan of the DOGE as well as he pledged to sustain this meme coin.
Let me reveal you the makeup of the rally in the 3-hour graph below.
DOGEUSDT 3-hour
Source: TradingView
The 5-6 cents level was the base for the coin’s rally as we can see the biggest quantity profile zone (orange) there as well as tiny bars of reduced activity on the quantity graph (red/green vertical bars).
The quantity bars began to grow from the last Tuesday to become visible on the chart. It was mainly eco-friendly as the price went across the 8 cents take care of when the video clip with Mr. Musk going to the Twitter office has flown around the world.
The actual rally started after Elon sealed the deal on Twitter last Friday at the end of the day. The biggest eco-friendly volume bar pushed the price past 15 cents on Saturday. The price has actually crossed over the moving average (purple, seen on the regular chart below) above $0.1175. The very same day we can see some revenue taking as quantity bars turned red when the cost dipped to retest the relocating standard. After that, the DOGE resumed higher.
The 13 cents degree is a big volume account area over the relocating standard. The following assistance is the 8-9 cents level where customers gathered a suitable quantity ahead of the rally.
