Should you ditch Dogecoin for ICP? Here’s what the market is telling you

• The values of ICP and DOGE have risen by double digits in the last week.
• Both altcoins appear ready to extend their price rallies.

Internet Computer [ICP] outperformed Dogecoin [DOGE] last week, as its value climbed by over 50% during the seven-day period, according to CoinMarketCap. Leading memecoin DOGE managed only a 30% price uptick during that period.

The double-digit rally in the values of both altcoins mirrors the general market growth witnessed in the last week. According to CoinGecko’s data, the global cryptocurrency market capitalization increased by 4% during that period.

Both tokens are ready to extend their gains

AMBCrypto’s assessment of ICP and DOGE’s price movements on a 24-hour chart revealed the possibility of further price gains.

Trading at a two-year high at press time, ICP exchanged hands at $17.85. Confirming the recent uptrend, its Aroon Up Line (orange) was 92.86%. This indicator measures an asset’s trend strength and potential trend reversal points in its price movement.

When an asset’s Aroon Up Line returns a value close to 100, it indicates that the current market uptrend is strong and that the most recent high was reached relatively recently.

Also, readings from the altcoin’s Directional Movement Index (DMI) showed its positive directional index (green) resting significantly above its negative index (red). 

When these trend lines are positioned this way, the buying pressure in the market is significantly higher than the selling pressure. It also indicates a strong uptrend in the price of the asset.

Further, the gap between these lines is also noteworthy because the wider it is, the stronger the trend is considered to be. The gap between ICP’s positive and negative directional indexes was considerably wide at the time of writing.

At press time, the token’s Money Flow Index (MFI) trended upward and returned a value of 80.36, indicating that the price rally was backed by real demand. This showed that market participants favored ICP accumulation over selling their holdings for profit. 

Source: TradingView

DOGE follows suit

Regarding meme coin DOGE, readings from some of its key technical indicators revealed that it followed a similar trend and was poised to extend its gains. 

For example, the coin’s MACD line crossed above its signal line on 26th March. This was a bullish signal, suggesting that the shorter-term moving average had begun gaining strength relative to the longer-term moving average. 

Read Internet Computer’s [ICP] Price Prediction 2024-25

Also, DOGE’s Parabolic SAR indicator, which tracks its potential trend direction and reversals, showed significant bullish sentiment. The dotted lines comprising the indicator rested below the coin’s price at price time.

When these dotted lines are positioned in this way, the market is deemed to be in an uptrend. 

Source: TradingView