Can Dogecoin Flip Avalanche And Retake The No. 9 Marketcap Spot Again? Here's What The Technical Indicators Say
Portfolio Pulse from Mehab Qureshi
Dogecoin (DOGE) is currently ranked 10th in market cap at $11.32 billion, behind Avalanche (AVAX) at $12.94 billion. DOGE saw a 12% increase last week but faces short-term bearish sentiment with its price below the 50-day SMA. Long-term indicators are more positive. Avalanche shows bullish signs across all SMAs and has a rising OBV, indicating strong buying activity. DOGE needs a 16.15% price increase to surpass AVAX's market cap. At the time of writing, DOGE is at $0.078 and AVAX at $35.
January 29, 2024 | 8:21 am
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NEUTRAL IMPACT
Dogecoin shows a bearish short-term outlook with its price below the 50-day SMA, but long-term indicators suggest potential growth. It needs a significant price increase to surpass Avalanche's market cap.
The bearish short-term sentiment based on the SMA indicator may dampen investor enthusiasm in the short term, but the positive long-term indicators could maintain interest. The specific target for flipping AVAX's market cap provides a clear goal for investors to monitor.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Avalanche exhibits bullish signs with its price above all SMAs and a rising OBV, indicating strong buying activity and market confidence.
The bullish indicators across all time frames and the rising OBV suggest that investor sentiment is positive, which could lead to continued price appreciation in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80