Dogecoin [DOGE] seems to be traversing from being Tesla CEO Elon Musk’s favourite coin to most bullish cryptocurrency. The altcoin that started as a joke seems to have garnered immense traction over the last month. Despite all the adoption and attention the asset came across, it remained below $1.
During the time of writing, DOGE was seen surging once again. The asset was priced at $0.049, with a 10% rise in the last 24-hours. Over this week, DOGE made multiple attempts to get close to its all-time high of $0.077 that it achieved eight days ago. The asset, however, came to a high of $0.05787 and staggered. The asset’s market cap was at $6.3 billion, which had again shaken in the last couple of days. Yet, the altcoin managed to rise to the twelfth position while the crypto industry’s overall market cap hit an all-time high of $1.20 trillion.
Bulls began hibernating in the DOGE market
The DOGE/USD trading pair on Binance revealed extreme bullish sentiment. The volume on the one-day price chart of DOGE was relatively low compared to the month’s beginning. The Bollinger Bands indicator was wide open, suggesting that the asset was in for an expansion in its volatility. The Awesome Oscillator affirmed that this change was for the best. The indicator formed green closing bars and announced the presence of bulls in the DOGE market.
The Relative Strength Index [RSI] indicator exposed that the meme coin had been overbought throughout February. However, after a slight blip, the RSI marker was heading back into to overbought zone.
Elon Musk’s continued support for DOGE
Elon Musk has time and again revealed his support for DOGE. Musk took a break from Twitter for about 48 hours and returned to the social media platform to exhibit his support for the altcoin. In his latest tweet, the SpaceX CEO decided to ask his followers their take on DOGE and the other coins in the crypto market.
The future currency of Earth
— Elon Musk (@elonmusk) February 6, 2021
At press time, about 70.8% of his followers voted for “Dogecoin to the Moooonn” while only 29.2% voted for the latter. This revealed that Musk’s followers were in sync with the billionaire as most of them were inclined towards DOGE.