Dogecoin [DOGE] The market rallied 5.84% between 11-12 November, in the opposite direction of most assets in the top 10. The current trend for the memecoin was not the same as it was before price increases. According to CoinMarketCapDOGE had originally fallen to $0.81. It was notable that it had lost several support zones before it changed momentum.
Read AMBCrypto’s Price Prediction for Dogecoin 2023-2024
The four-hour chart shows that DOGE was on a support-losing run since 10 November. The support was as low as $0.766 until the early hours of the 12th November. However, the trend reversal was influenced by the DOGE investors’ accumulation and distribution increment.
As of the writing of this article, the accumulation and distribution levels had risen to 26.62 trillion. This meant that there was more demand. The step-up almost assured a bullish movement.
Source: TradingView
The Relative Strength Index (RSI) chart showed that DOGE was close to a solid buying area. Dogecoin was likely to sustain the current price rise with its current value at 50.62. The RSI might need a better performance to ensure certainty in increment. Despite this, DOGE has outperformed all other altcoins. market mishap.
Dogecoin – Socials spike and many more
LunarCrush tweeted on 12 November that DOGE had top-ranked among all 3,973 altcoins for market performance. According to the crypto social intelligence platform, DOGE’s social volume was 66,314. DOGE accumulated 160.11 million social engagements.
As #cryptos Yet another meltdown. $doge Continues to demonstrate strong community involvement#Doge has hit an Alternative Rank™ of 1 out of the top 3,973 coins across the market.
24-hour activity:
Social volume 66,314
Social engagements 160,117,773https://t.co/Sj68REcnpd pic.twitter.com/AInSAShAZd— LunarCrush (@LunarCrush) November 12, 2022
These data suggest that the DOGE community had a huge influence on price direction. The coin was also highly discussed on social platforms. Dogecoin was able to succeed on its own without any help. Bitcoin [BTC].
DOGE was also primed to maintain bullish momentum. Although not as high as the status on 10 November, Dogecoin’s positive sentiment appreciated According to Santiment, it was higher at 71.918. Santiment reported that the negative sentiment was lower at 47.082. This indicated that investors in the market were more optimistic about DOGE.
Source: Santiment
Moreover, the realized market capital HODL waves had risen to 9.85 as of press time. DOGE was able to keep up with the increase. experiencing More inflows into its network. The coin’s long-term owners have been involved in using the assets in their dormant locations.
DOGE whales were not affected by the momentum, as the whale supply percentage remained within the 40% zone.
Source: Santiment