Dogecoin and THORChain Lead Rallies Despite Market Losing $30B

Key Insights:

• Dogecoin is up by almost 21% from yesterday’s lows.
• THORChain, on the other hand, has risen by 11.19%
• However, the entire crypto market has lost about $30 billion since yesterday.

Usually, as the crypto market begins correcting or rallying, it sees the majority of the coins react in the same manner.

However, at the moment, as the total market capitalization faces a red, Dogecoin and THORChain, which recently became pretty famous, have been defying the market trend.

Dogecoin Barks Louder Than the Market

Even though no significant event has occurred on the developmental front, DOGE has been shooting up. The closest thing affecting the meme coin’s price is the Elon Musk – Twitter story.

After acquiring a 9.2% stake, Elon was added to the Board of Directors of Twitter, who, as per CEO Parag Agrawal, ‘would bring great value to the Board.’

Thus as the DogeFather onboard one of the biggest existing social media platforms globally, Dogecoin was bound to bear witness to the bullishness that would ensue. And it sure did. 

The coin observed an almost 21% rise in a single day, creating a wider opportunity for a correction or consolidation without losing its bullish grounds.

The altcoin is already above the bias (white line) of the Bollinger Bands, which indicates that the volatile vulnerability open for DOGE will lead the coin in the bullish direction.

Plus, trading at $0.1656, DOGE already flipped both the 50-day SMA (red) and the 100-day SMA (blue) into support which will be a massive advantage for the coin given the coin is correcting the rise, falling by 3% at the time of writing.

THORChain Follows Suit

RUNE went down a similar path, but it took a different route as the single-day rise of the token was only 1.3%, but the recovery from yesterday’s lows is what registered an 11.19% rally.

At the moment, RUNE is also noting a red candle, but the signals are bearish and will remain so for a while. The rally of March flipped the 50-day SMA, the 100-day SMA, and the 200-day SMA (green) all into support.

Thus even with a red candle, the coin won’t fall.

As the rest of the market continued the journey in red even today, the crypto market lost almost $30 billion out of its $2.09 trillion capitalizations in 24 hours. So while it may sound like a big deal, it really isn’t.