LINK Overtakes DOGE Again, Pushing It Out of Top 10 Cryptocurrencies

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LINK has overtaken DOGE for the second time as the latter slips out of the top 10 cryptocurrencies by market capitalization.

DOGE Loses Market Capitalization

According to CoinMarketCap, DOGE has dropped nearly 1% in the last 24 hours. At the time of publication, it was traded at a rate of $0.08174 and a market capitalization of over $11.6 billion, making it the 11th largest cryptocurrency. Despite the bearish price trend, DOGE’s social metrics increased. According to a tweet from CryptoDep on February 13, DOGE ranked first on the list of meme-coins by social activity.

Possible Factors for the Downtrend

Interestingly, DOGE’s NVT ratio increased on February 13. An increase in this metric means that an asset is overvalued, indicating a higher likelihood of a price correction. DOGE’s network activity also declined in the last week, as the number of daily active addresses collapsed.

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Are There Chances for a Recovery?

Data from Hyblock Capital shows that DOGE has a strong support level near the $0.079 mark. If the downtrend continues, the price of the meme-coin could fall to this level. However, if a trend reversal occurs, DOGE could face resistance at $0.083.

Regarding the DOGE price, the MACD showed a bullish advantage in the market. The Relative Strength Index (RSI) also recorded an uptrend, indicating a price increase. However, the Bollinger Bands showed that the DOGE price was in a compressed zone, indicating some slow-moving days.

In the meantime, LINK’s price action turned bearish as it dropped 0.5% in the last 24 hours. At the time of publication, LINK was traded at a price of $20.06 and a market capitalization of over $11.7 billion.

Sources: CoinMarketCap, CryptoDep, Hyblock Capital, TradingView

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