As the crypto markets start today’s trading session in the red, the largest meme coin by market cap, Dogecoin (DOGE), has flipped Cardano (ADA) to now occupy the number 8 position on CoinMarketCap’s list of the biggest cryptos by market cap.
DOGE rising above ADA in terms of market cap comes after the meme coin’s price dropped around 0.31% over the last 24 hours, according to CoinMarketCap. However, ADA’s price dropped slightly more as it’s down 0.51% over the same time period.
At press time, the price of DOGE stands at $0.1004 and the coin has an estimated market cap of $13,318,621,979. Meanwhile, ADA is trading at $0.3171 and its market cap totals $10,926,361,196.
DOGE’s price entered into a mini rally between 22 November and 30 November, 2022, which saw its price climb from a low of $0.07779 to a high of $0.11 before retracing into a consolidation channel between $0.09445 and $0.11.
Despite the daily 9 EMA being positioned above the daily 20 EMA line on DOGE’s chart, there has been a recent bearish flag that triggered as the daily RSI line crossed below the daily RSI SMA line just yesterday.
This bearish flag may not lead to a strong downward move given that the RSI line’s slope is almost parallel to the slope of the RSI SMA line. In addition, there is hardly a gap between the two lines. The bearish thesis will only be validated if DOGE’s price breaks below the daily 9 EMA line which is currently acting as support for the meme coin’s price.
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