Dogecoin slips down by one step from its position as a top ten crypto by market cap, following a rise in demand for the SHIB token. Robinhood’s third-quarter report reveals a 35% slump as execs state a surge in Dogecoin trades to account for record figures in Q2. The company’s CFO Jason Warnick also stated in a CNBC interview that Doge Coins’ popularity in Q2 drew in massive interest from new customers.
In the words of Joe Weisenthal, the Executive Editor of News for Bloomberg Digital, DOGE is now the “BOOMER MEMECOIN” which makes SHIB a “Dogecoin rip-off”.
Could new features and developments on Dogecoin help restore Elon Musk’s favorite meme coin to its lead?
Read on as we uncover how all this plays out on the price charts of the DOGEUSDT below.
DOGECOIN Price Analysis: Weekly Chart Analysis
DOGECOIN may have lost its dominance as the number one meme coin to SHIBA INU. However, this may be a temporary event as the price chart of DOGEUSDT from the weekly time frame still shows that there’s still room for a comeback.
Upon signaling a hidden bullish divergence on 19 July ’21, the RSI oscillator resumed higher values above level-25 and level-75, an indicator of growing demand for DOGECOIN.
DOGECOIN Price Analysis: Daily Chart Analysis
A view from the daily time frame equally signals growing demand for DOGECOIN following a regular bullish divergence and a breakout of a bearish trend line on 01 October ’21.
The RSI indicator also prints higher values above level-25 with the price threatening a close above the 0.3495 resistance.
DOGECOIN Price Analysis: 4 Hr Chart Analysis
With the daily time frame RSI indicator signaling higher figures above level-25, the 4HR time frame signals entry points and uptrend pull-back support with RSI readings below level-25.
We may see a surge in the price of DOGECOIN as the previous resistance at 0.2832 now serves as a new support level for the bulls. A breakdown below the 0.2832 price level and RSI level-25 would imply that the daily time frame is still in control of the uptrend.
Conversely, a breakdown below the 0.2160 support would show an absence of demand and enthusiasm towards holding DOGE.
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