Cryptocurrency

Dogecoin: This metric upswing could be DOGE’s savior in the days to come 


The hashrate of memecoin Dogecoin [DOGE] clinched a seven-month-high of 661.28 TH/s, information from CoinWarz revealed. This surge appeared throughout the intraday buying and selling session on 18 October. 

The spike in hashrate got here after reports confirmed that Twitter had locked its workers inventory accounts. The locking of accounts was “in anticipation of the closing of the pending acquisition of Twitter by an entity controlled by Elon Musk.” 

However, whereas there was a surge of curiosity in the PoW blockchain following the Twitter report, its native coin failed to see a big rally in the final 24 hours. 

DOGE dodging positive aspects

As of this writing, DOGE traded at $0.05934, per information from CoinMarketCap. The asset’s worth was down by 1% in the final 24 hours. Interestingly inside the identical interval, DOGE’s buying and selling quantity was up by 37%.

This represented a worth/buying and selling quantity divergence that was frequent occasion in a market the place patrons had been exhausted and could not help any rally in worth. The 12 months to date has been a remarkably bearish one for the main meme coin.

On a year-to-date foundation, the worth per DOGE dropped by 71%. At its present worth, DOGE traded 91.96% from its all-time excessive of $0.7376, which it registered a 12 months in the past.

On a each day chart, DOGE traded in a good vary and has traded since June. In spite of the hash fee spike on 18 October, buyers continued to shun DOGE. Furthermore, key indicators identified the decline in investor liquidity in the DOGE market.

At press time, the asset’s Money Flow Index (MFI) was positioned beneath its impartial area at 30.49. Since 5 October, DOGE’s Money Flow Index (MFI) declined from the overbought excessive of 82 to search new lows. This indicated a big discount in shopping for momentum since then.

Additionally, the asset’s Relative Strength Index (RSI) was positioned in a downtrend at 45.70 at press time. The previous few weeks have been marked by a constant drop in DOGE’s RSI. This additionally hinted that patrons had step by step left the DOGE market since the starting of the month.

Source: TradingView

Before you exit your positions

A take a look at DOGE’s Directional Movement Index (DMI) confirmed that sellers had management of the market. The sellers’ power (crimson) at 20.99 was positioned above the patrons’ (inexperienced) at 18.58.

While the sellers had management of the market, a take a look at the Chaikin Money Flow (CMF) revealed a divergence that normally precipitated a purchase motion in buyers. Despite the decline in DOGE’s worth in the previous few days, its CMF rallied.

It is trite {that a} CMF purchase sign offered itself when an asset’s worth delivered into oversold zones, with the CMF transferring in an other way.

1666230450 636 Dogecoin This metric upswing could be DOGEs savior in the

Source: TradingView

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