Financial guru and wealth management expert Michael Gayed believed that Dogecoin’s [DOGE] current market hinders the revival of the bull market. According to him, a $7 billion market cap for the meme cryptocurrency should not exist in a bear market situation.
The current market cap for Dogecoin is still over $7 billion.
This shit isn’t over yet.
— Michael A. Gayed, CFA (@leadlagreport) September 22, 2022
At the time of writing, DOGE’s market cap was approaching $8 billion. Referring to Gayed’s opinion, this current state could mean that it could take longer for bulls to regain control.
What’s going on with DOGE?
For DOGE, Gayed’s Faith Could Just Be That Of A Naysayer, Especially Since It Recently Outperformed Polkadot [DOT] in terms of market value. Despite losing just over 2% in the past seven days, DOGE’s price seemed interested in rising. According to CoinMarketCap, DOGE was worth $0.05944 at the time of writing, up 0.89% in the past 24 hours.
Additionally, the volume didn’t seem ready to make it through the fall for bear market confirmation. Santiment, the on-chain crypto platform, revealed that DOGE’s volume increased from 254.31 million on September 21. At the time of writing, this was 403.47 million.
In other respects, DOGE’s 30-day Market Value to Realized Value (MVRV) was -5.378%. So it meant that if the “real” bear market appeared, the MVRV would get worse. The MVRV can help indicate the bottom signal.
As for the distribution and active addresses, it held up. Sanitation too showed that the 24-hour active addresses had risen to $125,890. For the one-day print run it was 1.21 billion.
Blocks on blocks
In addition, DOGE was not alarmed by the comments, as it continued to mine new blocks. According to the DogeCoin explorer, DogeChain, 4,400,927 blocks have now been mined. This was done with a network difficulty of 8,604,272.
In addition, the charts indicated that DOGE’s market cap is not going to fall any time soon. Judging by Gayed’s tweet, the bear market could last for an extended period of time. Based on moving average convergence divergence (MACD), DOGE’s current momentum has been positive.
The MACD showed that buyers were in control. This dominance helped the strength of the 12 and 26 exponential moving averages (EMAs) to stay in positive zones. On the other hand, the Awesome Oscillator (AO) indicated a neutral bearing. Although with more greens, the AO favored the buyers’ momentum in the near term.
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