Dogecoin [DOGE] dissents bearish market as founder calls for an XRP block: Technical Analysis
The cryptocurrency market has once again switched tracks following an upswing late last week which pushed Bitcoin [BTC] well over $4,000 and the market cap above $140 billion. Monday saw the return of the bulls, as Bitcoin fell to $3,823 and the market cap to under $125 billion, pulling major coins to November-like lows. Dogecoin [DOGE] and its dissenting traits, once again defied the market and risen while the coin around it see red.
Dogecoin has always been the odd-one-out, with the 2018 track-record paying testament to the same. The meme-coin has been on a steep-downward slope since the early-September downtrend, while Bitcoin and most major coins were relatively stable prior to the November BCH antics. The market cap of Dogecoin has plummeted by a whopping 68.06% since the aforementioned date, prior to the recent upswing.
Last week, Jackson Palmer, the creator of Dogecoin posted on Twitter that he has made a ‘simple and automatic script’ that will automatically block XRP accounts in users’ mentions, Palmer named the script, “XRP Away.” The Doge creator made this move following the fire he came under by XRP proponents after he criticized Ripple’s cryptocurrency. Recently, Palmer was approached by the Tesla founder, Elon Musk to help the latter, “get rid of the annoying scam spammers.”
— Jackson Palmer (@ummjackson) December 2, 2018
The key support level of the coin stands at $0.0025, with the coin trading significantly below despite the bullish swing. The key resistance level of the coin is $0.0028, which the coin last touched in early-November. The MACD line was in a brief bullish phase from 1600 UTC on December 2 and plummeted to bearish conditions on Monday, with this recent rise, the coin is looking to move up. The 100 EMA line indicates that Dogecoin broke into an uptrend at 0600 UTC on December 4.
Dogecoin never evoked much market sentiment due to its declining value, always recording an RSI between 35-52, the recent market upswing has seen its RSI shoot up to 56.17, and continues to rise. The trading range exhibited by the coin is $0.0020-$0.0024, with the coin edging towards the higher extreme. At press time, the coin has increased past the U.S. dollar by 5.47% and is currently priced at $0.00231.
The virtual currency has surged past a declining Bitcoin [BTC] by 6.76% and at press time, one DOGE is equivalent to 0.00000058 BTC.
Dogecoin began to surge last Tuesday and in just two days the coin increased its market cap by 13.63% to $268.3 million. Following this, the coin fell to under $250 million when Bitcoin rose above the $4,000 mark. The coin stabilized around $260 million prior to the recent upswing. At 0730 UTC on December 3, Dogecoin posed a market cap of $253.6 million and rose by 9.55% to reach $277.7 million, its highest point in more than a week. At press time, the market cap has slightly declines and stands at $271.1 million.
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