• Dogecoin’s price rose about 14% in the last 24 hours.
• Despite rising prices, traders continued to remain bearish.

Dogecoin [DOGE]  recently experienced a significant upswing in its price, leaving investors and enthusiasts curious about the potential implications for its holders.

Taking out the competition

Due to this surge in price, the memecoin’s market cap increased as well. This resulted in DOGE surpassing other major crypto currencies such as AVAX, TRON and DOT. At the time of writing, the market cap for DOGE was around $25.714 billion.

Coming to the price, it was seen that DOGE was trading at $0.1849, reflecting a noteworthy 14% surge in the last 24 hours.

The Relative Strength Index (RSI) for Dogecoin was at 67.16. This RSI value, indicating the overbought condition, suggests that while the price is on an upward trajectory, it may also be susceptible to a potential correction.

Examining the Chaikin Money Flow (CMF) for DOGE, which currently stood at 0.19, presented a mixed picture. A positive CMF signified strong buying pressure, but an increase in the indicator could also indicate potential profit-taking, signaling a sell-off.

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Author: Himalay Patel

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