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The hashrate of memecoin Dogecoin [DOGE] clinched a seven-month-high of 661.28 TH/s, information from CoinWarz revealed. This surge appeared throughout the intraday buying and selling session on 18 October.
The spike in hashrate got here after reports confirmed that Twitter had locked its employees inventory accounts. The locking of accounts was “in anticipation of the closing of the pending acquisition of Twitter by an entity managed by Elon Musk.”
Nevertheless, whereas there was a surge of curiosity within the PoW blockchain following the Twitter report, its native coin did not see a major rally within the final 24 hours.
DOGE dodging features
As of this writing, DOGE traded at $0.05934, per information from CoinMarketCap. The asset’s worth was down by 1% within the final 24 hours. Apparently inside the identical interval, DOGE’s buying and selling quantity was up by 37%.
This represented a worth/buying and selling quantity divergence that was widespread occasion in a market the place patrons have been exhausted and will not help any rally in worth. The yr thus far has been a remarkably bearish one for the main meme coin.
On a year-to-date foundation, the value per DOGE dropped by 71%. At its present worth, DOGE traded 91.96% from its all-time excessive of $0.7376, which it registered a yr in the past.
On a each day chart, DOGE traded in a good vary and has traded since June. Despite the hash fee spike on 18 October, buyers continued to shun DOGE. Moreover, key indicators identified the decline in investor liquidity within the DOGE market.
At press time, the asset’s Cash Stream Index (MFI) was positioned under its impartial area at 30.49. Since 5 October, DOGE’s Cash Stream Index (MFI) declined from the overbought excessive of 82 to hunt new lows. This indicated a major discount in shopping for momentum since then.
Moreover, the asset’s Relative Energy Index (RSI) was positioned in a downtrend at 45.70 at press time. The previous few weeks have been marked by a constant drop in DOGE’s RSI. This additionally hinted that patrons had progressively left the DOGE market for the reason that starting of the month.
Supply: TradingView
Earlier than you exit your positions
A have a look at DOGE’s Directional Motion Index (DMI) confirmed that sellers had management of the market. The sellers’ power (pink) at 20.99 was positioned above the patrons’ (inexperienced) at 18.58.
Whereas the sellers had management of the market, a have a look at the Chaikin Cash Stream (CMF) revealed a divergence that often precipitated a purchase motion in buyers. Regardless of the decline in DOGE’s worth up to now few days, its CMF rallied.
It’s trite {that a} CMF purchase sign introduced itself when an asset’s worth delivered into oversold zones, with the CMF transferring in an other way.
Supply: TradingView
