Dogecoin (DOGE) saw its hashrate hitting a 7-month peak at 661.28 TH/s, according to CoinWarz data. This uptick emerged during October 18 intraday session. The hashrate surge emerged after news that Twitter locked stock accounts for its staff.
The account locking was amid expectations of the concluding the pending Twitter buy by Elon Musk. Nevertheless, the native token could not present an impressive surge within the past day despite interest increase in the blockchain amidst Twitter reports.
Dodging Gains
While publishing this post, DOGE exchanged hands near $0.05934, according to Coinmarketcap data. The token lost 1% over the previous day. Surprisingly, Dogecoin’s trading volume increased by 37% in that timeframe.
That represented a trading volume/price divergence that remained the primary event within the market as buyers weakened to support more price rallies. Meanwhile, 2022 has been bearish for the original meme coin.
On YDT, DOGE’s price lost 71%. Moreover, the alternative token hovered 91.96% lower than its $0.7376 all-time high. The daily chart shows Dogecoin hovering inside a restricted range since June. Market players continued to shun the alt despite the October 18 hashrate increase.
Moreover. Key indicators highlighted investor liquidity dip within the Dogecoin market. While writing this news, the alt’s MFI (Money Flow Index) stayed beneath its neutral territory at 30.49. The asset’s MFI plunged from the 82 overbought peaks since October 5 to touch new lows.
That showed a substantial buying momentum reduction in that period. Moreover, DOGE’s RSI (Relative Strength Index) maintained downtrends during this publication, reading 45.70. The previous few weeks have seen consistent declines in the token’s RSI. That showed that buyers left the Dogecoin market early this month.
Before Exiting Your Positions
Assessing Dogecoin’s DMI (Directional Movement Index) indicated sellers controlled the market. The seller strength at 20.99 stayed beyond buyers at 18.58. While sellers dominated that marketplace, evaluating the CMF (Chaikin Money Flow) indicated a divergence that precipitated buying action by investors.
The CMF rallied despite DOGE’s price decline within the last few days. It’s trite that a Chaikin Money Flow ‘buy’ sign emerged when the token price traversed oversold regions.
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