New subscriptions to the Dogecoin subreddit have eclipsed those of Bitcoin, Ethereum, XRP and other popular crypto projects
238,089 Reddit users subscribed to r/Dogecoin in the last week
This is 4.73 times higher than r/Bitcoin at 50,248
However, DOGE is undergoing a pullback in the crypto markets with $0.25 acting as macro support
The number of new subscriptions to the r/Dogecoin subreddit page has eclipsed that of Bitcoin, Ethereum and XRP in the past week. This is according to data shared by the team at Skew through the following chart.
From the chart by the team at Skew, it can be observed that r/Dogecoin gained 238,089 in the last week. This amount exceeds that of other popular subreddit pages such as r/Cryptocurrency (153,509) and r/Bitcoin (50,248). New subscribers to the r/Dogecoin subreddit, also exceed those on other popular pages such as r/EthTrader, r/Ethereum, r/Ripple and r/Cardano.
Dogecoin Set for a Pullback in the Crypto Markets
At the time of writing, Dogecoin (DOGE) is trading at $0.267 after bouncing off the psychological support of $0.25 earlier today. Dogecoin’s troubles in the crypto markets might continue for a few more days based on the double top pattern on the 6-hour DOGE/USDT chart below.
From the chart, it can be observed that the double top pattern on the 6-hour DOGE/USDT chart has a neckline at the $0.23 price area, thus highlighting a possible area of interest for the meme coin. Additionally, the 50 moving average (white) on the 6-hour chart is destined to intersect this neckline in the hours to follow and could provide a possible area for a short-term reversal for DOGE.
Dogecoin Enters a Potential Bear Market
However, the situation is bleaker for DOGE on the daily chart whereby the digital asset could be entering a massive correction that could last well into next month. From the chart that can be found below, Dogecoin could have run out of bullish momentum and set for a trajectory of meeting the 50-day moving average at a much lower level.