Dogecoin up 76% in Key Metric, But Death Cross Still in Play
Analysis
Price Impact
MedDogecoin's daily trading volume surged by 76% to $1.01 billion, indicating increased interest. however, its price shed 0.5% in the last 24 hours, and a 'death cross' on the hourly chart signals ongoing selling pressure. the relative strength index (rsi) at 35 suggests oversold conditions, hinting at a potential rebound.
Trustworthiness
HighThe analysis uses specific market data (coinmarketcap volume, tradingview/coinmarketcap for chart), technical indicators (death cross, rsi), and mentions fundamental factors (etf, corporate balance sheets) for a comprehensive view.
Price Direction
BullishDespite a current price dip and a bearish 'death cross' signal, the significant 76% increase in trading volume combined with an oversold rsi (35) strongly suggests that dogecoin is poised for an eventual price breakout. long-term fundamentals like etf launches and corporate adoption also provide underlying support.
Time Effect
ShortThe oversold rsi (35) is a strong short-term indicator, suggesting an imminent price rebound or breakout. longer-term factors like corporate adoption and etf impact are noted for the 'coming year' but the immediate technicals point to short-term movement.
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Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News Dogecoin (DOGE) is exhibiting mixed sentiment on the market with its daily trading volume in the green. Despite this impressive uptick, the hourly DOGE chart shows that the meme coin is maintaining a death cross, a sign of massive selling pressure on-chain. Advertisement Dogecoin volume might mean nothing According to data from CoinMarketCap , Dogecoin volume has jumped by 76% to $1.01 billion. This metric is unusual, as most altcoins in the top 10 are facing a negative drawdown. The volume uptick has not yet translated into a definitive price increase for Dogecoin. In the past 24 hours, the price of DOGE has shed 0.5% of its market value and was trading at $0.1254. Altcoin price action appears similar across the board, a sign that the Dogecoin trading volume might be passive in buying terms. Nonetheless, it offers a good spotlight for engagement in the meme coin ecosystem. Not shocking is the fact that Dogecoin is showcasing a death cross on the hourly chart. This death cross is formed when a short-term moving average crosses below a longer-term average. DOGE Price Chart | Source: TradingView/CoinMarketCap Notably, this death cross flipover is not new for DOGE and related altcoins, and it offers a clear overview for when the market will improve. The good news for investors comes from the accompanying Relative Strength Index (RSI) reading of 35. This shows oversold conditions on Dogecoin, and despite the consolidation, the coin will eventually record a price breakout. Dogecoin rebound fundamentals to watch With the year coming to an end, Dogecoin has now achieved negative 61% growth year-to-date (YTD). This sell-off comes despite the launch of the spot Dogecoin ETF in the United States and the inclusion of the meme coin on corporate firms’ balance sheets. Although the Wall Street exposure has not yielded much of a result for Dogecoin in the past few months, it may make a difference in the coming year. As an altcoin largely correlated with Bitcoin, DOGE's rebound factors appear multifaceted. In all, the Dogecoin whales , treasury firms and Bitcoin resurgence are all to watch in pulling DOGE back into the bull cycle. #Dogecoin