Dogecoin (DOGE) has seen its price rally by 21.21% in one day. However, while writing this, the asset’s weekly surges are slightly lower (20.43%) than the daily upsurges. Such positivity in the market has had investors excited as they debate about DOGE heading to $1.
The DOGE Market Now
Market analysts use the buy and sell actions to predict the asset’s next move. While writing this content, the market outlook suggests that participants are booking profits. That is because the total sell orders exceeded buy orders.
The price chart shows that the buy-sell gap widened in the last six hours. For now, DOGE indicates losses in sessions to come.
For the meme coin to rise, buyers will have to emerge to rescue the asset from massive plummets. Meanwhile, according to technical indicators, DOGE will find it hard to maintain its recent rally.
Also, the depth chart showed similar trends. Sell orders seem to outpace buy orders by far. Keep in mind that DOGE’s prices had shown a higher possibility to move southward when sell orders exceeded buy orders.
The Social Trend
Dogecoin seems to react positively whenever crypto enthusiasts create social media hype. For instance, Dogecoin managed to rally to its highest record due to the support of Elon Musk. The Tesla executive used his Twitter account to promote DOGE.
He recently uploaded a profile with sunglasses reflecting the canine-themed asset. If Dogecoin’s community manages to magnify their vocals on social media sites, the meme asset would possibly rally.
Dogecoin’s network has seen traders surging to 280.65K from 278.2K recently. For that reason, you can attribute the recent Dogecoin price actions to the increased active traders.
Meanwhile, the rate at which market players exit Dogecoin’s atmosphere, DOGE will not maintain its uptrends in the coming days. That way, market players might need to forget about the dream to $1 for a while.
The current overall market depicts bullishness as most top coins trade in the green. Dogecoin is among the cryptocurrencies that have been surging since last week.
Though market players might be optimistic about the meme crypto, reaching the $1 mark might take longer than expected. Meanwhile, the DOGE market appears to lack the essential sentiments to sustain the recent increases.
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