- DOGE’s worth surged by greater than 7% within the final 24 hours.
- Most metrics and market indicators supported the uptrend.
The crypto market considerably turned bearish over the past 24 hours, however Dogecoin [DOGE] managed to color its day by day chart inexperienced.
Although there may be a number of components at play, a potential cause may very well be attributed to Elon Musk.
Dogecoin stays bullish
The final 24 hours weren’t very risky for high cash like Bitcoin [BTC] and Ethereum [ETH], as their costs solely moved marginally.
However, Dogecoin defied the market pattern as its worth rose by greater than 7% within the final 24 hours.
In accordance with CoinMarketCap, on the time of writing, DOGE was buying and selling at $0.1616 with a market capitalization of over $23 billion, making it the eighth-largest crypto.
DOGE’s buying and selling quantity additionally surged together with its worth, performing as a basis for the bull rally.
A potential cause behind this pattern may very well be Tesla’s latest announcement. The agency lately up to date the FAQ part on its web site and said that DOGE might now be used to buy much more Tesla merchandise.
Quickly after this, Dogecoin’s social metrics elevated.
AMBCrypto’s take a look at Santiment’s information revealed that DOGE’s Social Quantity spiked. Its Weighted Sentiment additionally improved, that means that bullish sentiment across the coin was dominant out there.
Elon Musk has a historical past of influencing Dogecoin’s worth on a number of events previously. Due to this fact, DOGE’s newest bull rally may as effectively be an consequence of Tesla’s motion.
Supply: Santiment
Will this bull rally final?
Because the bull rally may need occurred due to the Tesla-related hype, AMBCrypto checked DOGE’s metrics to seek out whether or not metrics backed this uptrend.
As per our evaluation, DOGE’s Open Curiosity elevated together with its worth. An increase within the metric signifies that the probabilities of the present pattern persevering with are excessive.
The meme coin’s MVRV ratio additionally went into the optimistic zone. On the time of writing, DOGE’s MVRV ratio had a worth of two.22%, indicating an additional worth rise.
In actual fact, AMBCrypto reported that DOGE’s demand was rising. On the 2nd of Could, 28,000 new addresses had been created to commerce DOGE, marking a 102% hike from the month-to-month low.
Nevertheless, its NVT ratio additionally spiked, that means that DOGE was overvalued. This hinted at a potential worth correction.
Supply: Santiment
Life like or not, right here’s DOGE’s market cap in BTC’s phrases
To see whether or not a worth correction is on its method, AMBCrypto checked Dogecoin’s day by day chart. We discovered that the coin’s Relative Energy Index (RSI) registered an uptick.
Its MACD additionally displayed a bullish crossover, hinting at a continued worth rise. Nonetheless, the Cash Circulate Index (MFI) remained bearish because it was resting beneath the impartial mark.
Supply: TradingView
