DOGE falls behind LINK once again – Here’s what’s going on

• Despite the price drop, sentiment around DOGE turned bullish. 
• Market indicators suggested a further price drop. 

For a short while, Dogecoin [DOGE] had managed to reclaim its spot on the list of top 10 cryptos. However, Chainlink [LINK] flipped DOGE once again and became a top 10 crypto by market cap. 

Dogecoin loses its market cap

According to CoinMarketCap, DOGE was down by nearly 1% in the last 24 hours. At the time of writing, it was trading at $0.08174 with a market cap of over $11.6 billion, making it the 11th largest crypto.

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It was interesting to note that despite the bearish price action, DOGE’s social metrics soared. 

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⚡️TOP #MEME Tokens by Social Activity $DOGE $SHIB $BONK $PEPE $PNDC $FLOKI #BABYDOGE $BYTE $MARVIN $YOOSHI pic.twitter.com/wmmSEKJEEj

— ???????? CryptoDep #StandWithUkraine ???????? (@Crypto_Dep) February 13, 2024

As per CryptoDep’s tweet on the 13th of February, DOGE ranked first on the list of meme coins by social activity.

AMBCrypto’s look at Santiment’s data revealed that bullish sentiment around the token had also increased, as evident by the rise in its Weighted Sentiment. 

We then checked Dogecoin’s metrics to find possible factors behind the downtrend. Notably, DOGE’s NVT ratio increased on the 13th of February.

A rise in this metric means that an asset is overvalued, indicating increased chances of a price correction. DOGE’s network activity also dropped last week as its Daily Active Addresses plummeted. 

Source: Santiment

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Are there chances of a recovery? 

AMBCrypto further checked Hyblock Capital’s data to look for any key resistance and support zones. DOGE faced a strong support level near the $0.079 mark at press time.

If the downtrend continues, then the meme coin’s price might fall to that level. However, if a trend reversal happens, DOGE might face resistance at $0.083. 

Source: Hyblock Capital

When it came to DOGE’s price, the MACD displayed a bullish advantage in the market. The Relative Strength Index (RSI) also registered an uptick, hinting at a price uptrend.

Read Dogecoin’s [DOGE] Price Prediction 2024-25

However, the Bollinger Bands revealed that DOGE’s price was in a compressed zone, suggesting a few slow-moving days. 

Source: TradingView

During this time, LINK’s price action turned bearish, as it went down by 0.5% in the last 24 hours. At the time of writing, LINK was trading at $20.06 with a market cap of over $11.7 billion.