DOGE’s >7 billion market cap may be obstructing a bullish comeback as per… 

Financial guru and wealth administration professional, Michael Gayed, was of the opinion that Dogecoin’s [DOGE] present market is an impediment to reviving the bull market. According to him, a $7 billion market cap for the meme cryptocurrency shouldn’t be present in a bear market situation.

At press time, DOGE’s market cap was edging nearer to $8 billion. Referring to Gayed’s opinion, this present state might imply it’d take longer for bulls to be again in management. 

So, what’s up with DOGE?

For DOGE, Gayed’s perception might simply be that of a naysayer particularly as it just lately surpassed Polkadot [DOT] in market worth. Despite shedding a little over 2% within the final seven days, DOGE’s value appeared concerned about an uptick. According to CoinMarketCap, DOGE was value $0.05944 at press time, recording a 0.89% improve within the final 24 hours.

Furthermore, its quantity didn’t appear to be one able to take the autumn for a bear market affirmation. Santiment, the on-chain crypto platform, revealed that DOGE’s quantity elevated from 254.31 million as of 21 September. At the time of this writing, it was 403.47 million.

Source: Santiment

In different elements, DOGE’s thirty-day Market Value to Realized Value (MVRV) was -5.378%. So, it meant that if the “real” bear market was to seem, the MVRV would worsen. This is as a result of the MVRV might help in indicating the underside sign.

As for its circulation and energetic addresses, it was holding regular. Santiment additionally showed that the 24-hour energetic addresses had elevated to $125,890. For its one-day circulation, it was 1.21 billion.

1663918701 417 DOGEs 7 billion market cap may be obstructing a bullish

Source: Santiment

Blocks on blocks

Additionally, DOGE was not perturbed by the remarks as it stored on mining new blocks. According to the DogeCoin explorer, DogeChain, 4,400,927 blocks have now been mined. This was completed at a community issue of 8.604.272.

Furthermore, indications from the charts was of the stance DOGE’s market cap may not take a dip quickly. Going by Gayed’s tweet, the bear market may stay for an prolonged interval. Based on the  Moving Average Convergence Divergence (MACD),  DOGE’s present momentum was optimistic. 

The MACD confirmed that patrons have been in management. This dominance helped the power of the 12 and 26 Exponential Moving Averages (EMAs) to remain in optimistic zones. On the opposite hand, the Awesome Oscillator (AO) indicated a impartial bearing. Although with extra greens, the AO favored the patrons’ momentum within the quick time period.

1663918702 270 DOGEs 7 billion market cap may be obstructing a bullish

Source: TradingView

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