Over the weekend, DOGE took the lead as the meme coin with the most social activity. Despite this buzz, its price continued to hover within a narrow range.
This weekend, Dogecoin (DOGE) generated a lot of buzz in the meme coin world, being the fifth most talked-about crypto asset on social media.
However, all this excitement hasn’t caused its price to budge much. Currently, DOGE is trading at around $0.06, showing relatively little movement.
Happy Weekend! These are the cryptocurrencies most people have mentioned and discussed over the last week on social media:
1️⃣ Bitcoin
2️⃣ Ethereum
3️⃣ Solana
4️⃣ XRP
5️⃣ Dogecoin
6️⃣ Pepe
7️⃣ Cardano
8️⃣ ShibaInu
9️⃣ Floki
🔟 Arbitrum— LunarCrush (@LunarCrush) September 23, 2023
DOGE’s Value Stuck in a Tight Range Amidst Market Inactivity
Due to the overall sluggishness in the market and prolonged price stability over the past few months, DOGE’s value has remained trapped within the range of $0.062 to $0.60 since August 17. During this period, meme coin buyers have refrained from making substantial trades, while sellers have taken the lead in the market, gradually selling their DOGE holdings.
Sellers Maintain Control in DOGE Market
According to the D1 chart, the Directional Movement Index indicates that sellers have been in control for the past month. Currently, the Positive Directional Indicator (green) at 13.72 is below the Negative Directional Indicator (red) at 20.18.
Additionally, DOGE’s Choppiness Index has been steadily rising since the end of August and is now above the 61.8 limit. This index measures the market’s trendiness or choppiness. When the CHOP index is above 61.8, it suggests a choppy market, which often discourages traders from making trades. At present, DOGE’s CHOP index stands at 61.20.
DOGE’s Aroon Indicator also confirms the relative inactivity among spot traders. This indicator is used to assess trend strength and potential trend reversal points in the price movement of a cryptocurrency.
Source: DOGE/USDT on Trading View
Currently, DOGE’s Aroon Up Line (blue) is at 7.14%, indicating a weak uptrend with the most recent high happening quite some time ago. On the other hand, DOGE’s Aroon Down Line (orange) stands at 78.57%, signifying a strong downtrend with the most recent low occurring relatively recently.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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