Bulls bring in Christmas spirit into the Dogecoin [DOGE] market
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by Sahana Kiran
With Christmas just days away, the crypto-verse was bringing in good news for all the crypto lovers. Meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB] said better late than never as they traversed on to the bullish arena. Altcoins like Avalanche [AVAX] and Terra [LUNA] were running the show by bagging massive gains.
Dogecoin [DOGE] witnessed a pretty hard fall from the top 10. The meme coin, despite its ever-surging popularity, had to settle for the 12th spot. During press time, DOGE’s market cap was noted at $23.00 billion. Its rival, Shiba Inu was just below DOGE with a market cap of $17.53 billion. The battle between these assets has been on for the longest time. However, considering SHIB’s current state, the chances of DOGE remaining on top were more elevated.
The price of Dogecoin recorded a dainty surge of 1.99% over the previous 24-hours. The meme coin failed to amass major gains over the week. Therefore, the price of the coin was $0.172, at the time of writing.
Dogecoin [DOGE] one-day price chart on Binance
The one-day price chart of DOGE was registering the entry of the bull. The Parabolic SAR indicator laid out a dotted line below the price candles. The line further blocked the chances of DOGE dropping below its current price level. The Awesome Oscillator indicator was also exerting increased bullishness. The indicator affirmed this with the formation of strong green closing bars.
The Relative Strength Index [RSI] indicator pointed out a sellers’ market as the RSI marker sunk below the 50 median.
Additionally, meme coins got an earful from the Chairman of North Island, Glenn Hutchins, who urged the “disposal” of these assets. Appearing in a CNBC Squawk Box interview, he stated,
“We move into a situation where interest rates are increasing, easy money is turned off. [..] Dispose of the frothy end of the market meme stocks….”
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