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- The majority of the crypto market starts today in the red.
- DOGE’s price has dropped 0.31% over the last 24 hours.
- ADA has dropped a position on CoinMarketCap’s list of biggest cryptos by market cap.
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.
Daily chart for DOGE/USDT (Source: CoinMarketCap) 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.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
