Last week the top ten cryptocurrencies ranking was reshuffled as Dogecoin (DOGE) shot straight to the eighth place with a market cap just under $18 billion. If we skip stable coins and exchange related coin BNB then this meme coin seized the…
#4 spot right below the Ripple (XRP).
If we look at the seven-day performance of top ten cryptos in the table below – none of them could boast the triple digit gain that we see in Dogecoin with +125% growth.
If this rally stays intact, the Ripple could lose its #3 spot soon. The price of the DOGE should add another 1/3 to 18 cents for this to happen.
Source: coinmarketcap.com
What has fueled such a strong rally of this coin? The main reason is the hope that comes with the final takeover of Twitter by Elon Musk, who is a big fan of the DOGE and he pledged to support this meme coin.
Let me show you the anatomy of the rally in the 3-hour chart below.
Source: TradingView
The 5-6 cents level was the base for the coin’s rally as we can see the largest volume profile zone (orange) there and tiny bars of low activity on the volume graph (red/green vertical bars).
The volume bars started to grow from the last Tuesday to become visible on the chart. It was mostly green as the price crossed the 8 cents handle when the video with Mr. Musk visiting the Twitter office has flown around the world.
The real rally started after Elon closed the deal on Twitter last Friday at the end of the day. The largest green volume bar pushed the price beyond 15 cents on Saturday. The price has crossed over the…
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