Altcoin
SKI coin explodes 5647% in a month! More gains ahead?
Ski Mask Dog has surged 62% over the past 24 hours, as its market cap surpasses $100 million for the first time.
- SKI has surged by 5647.94% over the past month.
- Alternatively, the token has reached a market cap of $131.39 million.
Over the past month, as altcoins have found a new path, smaller coins have emerged to make considerable gains.
One of these emerging coins is Ski Mask Dog [SKI], which has experienced significant gains over the past month.
At the time of this writing, SKI was trading at $0.1321. This marked a 62.57% increase over the past 24 hours. Over this period, its market cap has surpassed $100 million, hitting $131.39 million.
Also, the memecoin’s daily trading volume has spiked by 35.12% to $18.47 million.
Equally, SKI has gained on weekly and monthly charts, increasing by 529.47% and 5647.94% respectively.
This price pump has strengthened investor’s momentum, with buyers taking a newfound interest to enter the markets. As such, SKI is seeing strong upward momentum as buyers scrambled to purchase it, fearing to miss out.
What SKI charts suggest
According to AMBCrypto’s analysis, Ski Mask Dog is currently experiencing a strong bullish momentum as buyers continue to open new positions.
Source: TradingView
This momentum can be seen with the rising Relative Strength Index (RSI). Since making a bullish crossover five days ago, SKI’s RSI has surged from 64 to 85.
This shows that over this period, buyers have emerged and taken total control of the market.
With increased buying pressure, the memecoin has strengthened an upward momentum. This momentum is evidenced by the fact that SKI’s Directional Movement Index (DMI) is close to making a bullish crossover.
This shows that +DI is rising while the -DI is continually declining. When an asset’s DMI is set like this, it shows that the assets are experiencing a strong upward momentum while sellers are exhausted.
Source: TradingView
This phenomenon was further evidenced by the rising Relative Vigor Index.
When RVGI rises, it indicates that closing prices are higher relative to the price range. In an uptrend like the one SKI is currently experiencing, it confirms the strength of the current trend.
