Total market cap analysis
At the latest since the Bitcoin price has broken the US$ 10,000 mark and successively the US$ 9,000 mark, there is no other way to put it: the mood on the crypto market has been better. According to the Crypto Fear & Greed Index, investor sentiment on September 27 is extremely fearful, albeit with a slight increase over the previous day:
Latest Crypto Fear & Greed Index
Explanation: The Fear & Greed Index tries to reflect investor sentiment in the crypto market. It is made up of various factors such as Bitcoin price performance, but also fundamental and technical analysis. According to the initiators of alternative.me, one can apply the fundamentals of countercyclical investment here – without any guarantee, of course.
Even though Dogecoin is up by 2.2% on BTC in the last 30 days, it is way down for the year, around 70%. Since the whole market shrunk significantly in the last week, Dogecoin might have more blood to lose before the wound has been closed and healed. This is one strong bear with sharp claws that we are dealing with.
You can see that Doge is sitting at a confluence point of its moving averages and they act as a support zone for it. An individual move up is unlikely unless we see a wide-market recovery which is also not probable, at least not until next week.
Dogecoin is suffering from an illness called low trading volume. According to messari, Dogecoin had only $600k of actual trading volume in the last 24 hours, 10x less than its reported volume is (inflated numbers by the shady exchanges that wash trade).