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Avalanche Aims To Flip DOGE As SHIB Chases Closely Behind


Ranking by market cap is an ever-changing environment as there is a constant struggle between assets to get into the limelight. The crypto top 100 is no different as there is a consistent struggle between projects to climb up the ranks.

Any cryptocurrency in the top 10 is considered one of the big boys and as such the fight for this spot is more fierce. We’ve seen Dogecoin, Shiba Inu, and Avalanche occupy the tenth spot in recent times.

Currently, DOGE is the tenth largest cryptocurrency and has held this spot through the past week. It may not continue to be that way as there are two other projects chasing behind. Let’s take a look at Dogecoin’s performance lately.

DOGE/USD

The first existing memecoin has dropped down the market cap ranks as it once held the seventh spot. Unfortunately, the cryptocurrency couldn’t hold on to the spot as the surge that ensured it got to that level did not last.

The DOGE/USD pair has fallen kneel deep into bearish dominance, as hinted by the Pivot Point Standard. The indicator shows the pair heading toward the first pivot support at $1.72. The chart seems to hold no good news pertaining to the memecoin except the impending bullish interception on MACD. What about market fundamentals?

A recent announcement that AMC will be adding the tenth largest coin to the list of payments for its services was thrilling. Unfortunately, the project community was rather silent with no reaction to the news. It may be safe to conclude that dogecoin is also flat with respect to fundamentals.

Nonetheless, the coin follows general sentiments and has been bullish when the market was and the same when it was bearish. As a result of the previous statement, the pair is exchanging at $0.20 with its market cap at $27 billion.

If crypto market conditions do not change, DOGE may test the first pivot support and its market may drop below $25 billion.

 AVAX/USD

Avalanche flipped dogecoin last two weeks ago and tasted the tenth spot for the first time. The now eleventh coin by market failed to hold the spot – hence the current position the market cap ranking.

The AVAX/USD pair is still bullish, as hinted by the Pivot Point Standard. The indicator shows the pair trading above its pivot point at $109. The chart shows more good news as it is almost impossible not to see impending bullish interception on MACD in the chart above. What about market fundamentals?

Avalanche ecosystem has been busy lately, in one of its latest bids it accelerator Colony has raised $18.5 million in seed investments to bootstrap the next generation of Avalanche blockchain projects, underscoring heightened demand for the proof-of-stake ecosystem.

The candle representing the intraday session is red – implying that the coin community also shrugged off the news. However, the eleventh crypto by market cap total worth amounts to $26 billion with less than $1 billion separating it from the tenth.

SHIB/USD

The SHIB/USD pair has fallen kneel deep into bearish dominance, as hinted by the Pivot Point Standard. The indicator shows the pair heading toward the first pivot support at $0.00030. The chart seems to hold no good news pertaining to the memecoin except the impending bullish interception on MACD. What about market fundamentals?

A peek into Tesla’s website’s back-end payment procession code revealed that the electric car company owned by Elon Musk might add Shiba Inu and Bitcoin as payment options for its products. This caused a stir on the day of its release as the cryptocurrency surged by 6.89%.

Nonetheless, the coin follows general sentiments and has been bullish when the market was and the same when it was bearish. As a result of the previous statement, the pair is exchanging at $0.000043 with its market cap at $24 billion.

Conclusion

The importance of market fundamentals cannot be overemphasized and as of the time of writing, the Avalanche community has been the busiest of the three contestants. If market conditions remain the same we see AVAX flip DOGE.

Shiba Inu also poses a threat to both of the other projects considering its latest listing on Kraken. An improvement of market sentiment could result in the a tougher stance between the three highlighted cryptocurrencies.


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