The hashrate of memecoin Dogecoin [DOGE] hit a seven-month high of 661.28 TH/s, CoinWarz data revealed. This increase occurred during the intraday trading session on October 18.

The spike in hashrate came after reports confirmed that Twitter had locked down its staff stock accounts. The account lockout was “pending completion of the pending acquisition of Twitter by an entity controlled by Elon Musk.”

While there was a surge of interest in the PoW blockchain following the Twitter report, the original coin saw no significant rally in the past 24 hours.

DOGE dodge profit

At the time of writing, DOGE was trading at $0.05934, per data from CoinMarketCap. The asset’s price has fallen 1% in the past 24 hours. Interestingly, over the same period, DOGE’s trading volume increased by 37%.

This represented a price/trade volume divergence that was common in a market where buyers were exhausted and could no longer support a price increase. The year so far has been a remarkably bearish one for the leading meme coin.

Year-over-year, the price per DOGE fell by 71%. At the current price, DOGE was trading 91.96% from its all-time high of $0.7376, which it registered a year ago.

On a daily chart, DOGE has been trading in a tight range and has been trading since June. Despite the spike in the hash rate on October 18, investors continued to avoid DOGE. Furthermore, core indicators pointed to the decline in investor liquidity in the DOGE market.

As of going to press, the asset’s money flow index (MFI) stood below its neutral region at 30.49. Since October 5, DOGE’s money flow index (MFI) has fallen from the overbought high of 82 to new lows. This indicated a significant decline in buying momentum since then.

Additionally, the asset’s Relative Strength Index (RSI) was in a downtrend of 45.70 at the time of publication. Recent weeks have been marked by a sustained decline in DOGE’s RSI. This also indicated that buyers had gradually exited the DOGE market since the beginning of the month.

Source: TradingView

Before you leave your positions

A look at DOGE’s Directional Movement Index (DMI) showed that sellers were in control of the market. The seller’s strength (red) at 20.99 was placed above the buyer’s strength (green) at 18.58.

While the sellers were in control of the market, a look at the Chaikin Money Flow (CMF) revealed a divergence that usually triggered a buy move among investors. Despite DOGE’s price decline in recent days, the CMF has recovered.

It is trite that a CMF buy signal occurred when the price of an asset moved into oversold zones while the CMF was moving in an opposite direction.

Source: TradingView



This post Dogecoin: This Metric Revival Could Be DOGE’s Savior in Coming Days

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