Dogecoin's Social Sentiment Surges 600% In Single Day As DOGE Crosses 10 Cent Mark, But This Indicator Is Flashing 'Sell'
Portfolio Pulse from Mehab Qureshi
Dogecoin (DOGE) experienced a 600% increase in social dominance and crossed the $0.10 mark, with its market cap reaching $16.4 billion, ranking it 10th among cryptocurrencies. Despite the positive sentiment, its RSI of 73.4071 suggests it's overbought, indicating a potential sell-off. Liquidations against DOGE short sellers amounted to $30.52 million. Additionally, Dogecoin saw an 86% increase in new wallet creations and a 37% rise in active wallet addresses.
February 29, 2024 | 4:06 am
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Dogecoin's social sentiment and price surged, with a significant increase in market cap and wallet activity. However, its RSI indicates it might be overbought, suggesting a potential short-term price correction.
The significant increase in Dogecoin's social dominance and price, along with its overbought RSI status, suggests a heightened interest and potential for a short-term sell-off. The liquidation of short positions and increased wallet activity further support the asset's current volatility and potential for price correction.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100