Dogecoin’s social activity has some interesting stats for LTH
Dogecoin [DOGE] has been one of the most popular memecoins in terms of market capitalization. And, investors do not seem to get bored with it.
Interestingly, DOGE yet again made it to the list of the top meme tokens in terms of social activity on 25 October.
Here’s AMBCrypto’s Price Prediction for Dogecoin (DOGE) for 2023-24
— ?? CryptoDep #StandWithUkraine ?? (@Crypto_Dep) October 25, 2022
On the contrary, LunarCrush’s data revealed that Dogecoin’s social mentions, after registering a spike, went down within the last few days.
But, LunarCrush’s Galaxy Score ranked DOGE among the top cryptos, which is a positive signal as it indicates a possible price surge in the coming days.
Amidst the ongoing bearish market, CoinMarketCap’s data showed, DOGE, registered a promising uptick and went up by over 10.6% in the last seven days.
However, is this pump only a matter of the volatile market or is there something actually cooking that is backing this surge?
Should investors be worried?
Amidst this price surge, DOGE received some interest from the derivatives market as its FTX funding rate has been going up lately.
Moreover, DOGE’s stock-to-flow ratio also registered a massive uptick, indicating the possibility of a continued price surge in the days to come.
DOGE’s MVRV Ratio also spiked recently, which is yet another positive indicator.
However, CryptoQuant’s data revealed that DOGE’s Relative Strength Index (RSI) was in an overbought position, indicating the possibility of a halt in DOGE’s uptrend.
This suggests investors shouldn’t…
DOGE’s daily chart revealed that the pump was not just because of the bullish market, as several of the market indicators were in favor of a continued increase.
The Exponential Moving Average (EMA) Ribbon indicated a possibility of a bullish crossover soon as the 20-day EMA was fast approaching the 55-day EMA.
DOGE’s Money Flow Index (MFI) also went up and was resting above the neutral mark, which is a bullish signal.
The MACD revealed a buyers’ advantage in the market as it registered a bullish crossover. Additionally, the Bollinger Bands suggested that DOGE’s price was about to enter a high-volatility zone. Thus, further increasing the chances of a northbound breakout.