Dogecoin's 200-day MA Holds the Key to DOGE Retaining a Top 10 Ranking.
08 Jul 2021, 16:27
Dogecoin’s 200-day MA Holds the Key to DOGE Retaining a Top 10 Ranking
The popular meme-coin of Dogecoin has had an eventful first half of 2021 that saw DOGE become the fourth most valuable digital asset in terms of market capitalization. The latter milestone was the result of DOGE hitting its most recent all-time high of $0.74 as a result of the hype surrounding Elon Musk appearing on Saturday Night Live back in early May.
Dogecoin is Now Ranked 7th on CoinmarketcapHowever, since then, Dogecoin (DOGE) has slowly been losing value and ranking in the top 10 digital assets on Coinmarketcap. Dogecoin is now ranked 7th as seen in the following screenshot courtesy of the tracking website.
Dogecoin’s 200-day MA Holds the Key to DOGE Retaining its Top 10 RankingDoing the math, Dogecoin has dropped 3 spots on Coinmarketcap in a span of roughly two months. The drop in rankings also coincides with Dogecoin’s pullback from the aforementioned all-time high of $0.74.
At the time of writing, Dogecoin is trading at $0.21 with the 200-day moving average offering an area of solid support at the $0.17 price area, as highlighted in the following daily DOGE/USDT chart.