DOGE’s >7 billion market cap may be obstructing a bullish comeback as per… 

Finan­cial guru and wealth man­age­ment expert, Michael Gayed, was of the opin­ion that Dogecoin’s [DOGE] cur­rent mar­ket is an obsta­cle to reviv­ing the bull mar­ket. Accord­ing to him, a $7 bil­lion mar­ket cap for the meme cryp­tocur­ren­cy should not be exist­ing in a bear mar­ket condition.

The cur­rent mar­ket cap for Doge­coin is still over $7 billion.

This shit ain’t over.

— Michael A. Gayed, CFA (@leadlagreport) Sep­tem­ber 22, 2022

At press time, DOGE’s mar­ket cap was edg­ing clos­er to $8 bil­lion. Refer­ring to Gayed’s opin­ion, this cur­rent state could mean it might take longer for bulls to be back in control. 

So, what’s up with DOGE?

For DOGE, Gayed’s belief could just be that of a naysay­er espe­cial­ly as it recent­ly sur­passed Polka­dot [DOT] in mar­ket val­ue. Despite shed­ding a lit­tle over 2% in the last sev­en days, DOGE’s price seemed inter­est­ed in an uptick. Accord­ing to Coin­Mar­ket­Cap, DOGE was worth $0.05944 at press time, record­ing a 0.89% increase in the last 24 hours.

Fur­ther­more, its vol­ume did not seem like one ready to take the fall for a bear mar­ket con­fir­ma­tion. San­ti­ment, the on-chain cryp­to plat­form, revealed that DOGE’s vol­ume increased from 254.31 mil­lion as of 21 Sep­tem­ber. At the time of this writ­ing, it was 403.47 million.

Source: San­ti­ment

In oth­er aspects, DOGE’s thir­ty-day Mar­ket Val­ue to Real­ized Val­ue (MVRV) was ‑5.378%. So, it meant that if the “real” bear mar­ket was to appear, the MVRV would get worse. This is because the MVRV can help in indi­cat­ing the bot­tom signal. 

As for its cir­cu­la­tion and active address­es, it was hold­ing steady. San­ti­ment also showed that the 24-hour active address­es had increased to $125,890. For its one-day cir­cu­la­tion, it was 1.21 billion.

Source: San­ti­ment

Blocks on blocks

Addi­tion­al­ly, DOGE was not per­turbed by the remarks as it kept on min­ing new blocks. Accord­ing to the Doge­Coin explor­er, DogeChain, 4,400,927 blocks have now been mined. This was done at a net­work dif­fi­cul­ty of 8.604.272.

Fur­ther­more, indi­ca­tions from the charts was of the stance DOGE’s mar­ket cap may not take a dip soon. Going by Gayed’s tweet, the bear mar­ket may remain for an extend­ed peri­od. Based on the  Mov­ing Aver­age Con­ver­gence Diver­gence (MACD),  DOGE’s cur­rent momen­tum was positive. 

The MACD showed that buy­ers were in con­trol. This dom­i­nance helped the strength of the 12 and 26 Expo­nen­tial Mov­ing Aver­ages (EMAs) to stay in pos­i­tive zones. On the oth­er hand, the Awe­some Oscil­la­tor (AO) indi­cat­ed a neu­tral bear­ing. Although with more greens, the AO favored the buy­ers’ momen­tum in the short term.

Source: Trad­ingView