Currently positioned in the 10th spot with a valuation of $11.32 billion, Dogecoin (CRYPTO: DOGE) is trailing far behind Avalanche’s (CRYPTO: AVAX) $12.94 billion market cap, with a $1.62 million gap that separates them.
What Happened: Last week brought positive vibes for Dogecoin enthusiasts, with the meme cryptocurrency climbing up to 12% and then slightly pulling back, following a buzz around an @xpayments account on the X, which sparked excitement for potential adoption within the crypto community.
DOGE often experiences spikes in value when payment-focused updates emerge from entities tied to Elon Musk, including X.
Price movements of Dogecoin have been contained within a limited range, oscillating between $0.70 and $0.08.
The question of whether DOGE can leapfrog AVAX in valuation looms in the minds of crypto enthusiasts. A side-by-side assessment of technical indicators for both cryptocurrencies DOGE and AVAX from Jan.1 to Jan. 29 has shown that:
The Simple Moving Average (SMA) indicator suggests a bearish sentiment for Dogecoin in the short term with its price situated below the 50-day SMA. Conversely, the medium to long-term outlook appears more optimistic, as the 50-day SMA has crossed above the 100-day SMA, and the price stands well above the 200-day SMA.
The chart details the following
For DOGE:
The 50-day SMA is just over the $0.08 level.
The 100-day SMA trails a bit below the 50-day SMA, placing it in the $0.07 to $0.075 bracket.
The 200-day SMA sits at approximately $0.074.
Dogecoin’s Simple Moving Average (SMA) technical indicator. (Image Credit: Benzinga)
Avalanche shows a bullish sign across all time frames, with its price riding above the 50-day, 100-day, and 200-day SMAs.
50-day SMA: Approximately at $33.26
100-day SMA: Roughly at $27.53
200-day SMA: Around $19.21
AVAX’s Simple Moving Average (SMA) technical indicator (Image Credit: Benzinga)
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Moreover, divergence is noted in the volume flow of both tokens. Dogecoin’s On-Balance Volume (OBV) remains relatively unchanged at $2.81 billion, suggesting a pause in the buying pressure. On the other side, Avalanche’s OBV is on an incline at $396 million, indicating intensified buying activity…
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