As alternative cryptocurrencies forge new paths, smaller digital coins have started to gain significant traction, marking substantial profits.
Among these emerging cryptocurrencies is Ski Mask Dog [SKI], which has witnessed remarkable growth in the past month.
At the time of preparing this article, SKI was valued at $0.1321, demonstrating a notable 62.57% surge within the last 24 hours. Throughout this duration, its market capitalization has exceeded the $100 million milestone, reaching $131.39 million.
Furthermore, the meme coin’s daily trade volume has jumped by 35.12% to $18.47 million.
Similarly, SKI has shown significant advancements on both weekly and monthly charts, rising by 529.47% and an impressive 5647.94%, respectively.
This substantial increase in price has invigorated investor interest, with potential buyers showing renewed enthusiasm to join the market. Consequently, SKI is observing robust upward movement as investors rush to acquire it, anxious not to miss out on the opportunity.
Exploring the SKI Coin Trends
Based on the analysis by CryptoCrypto, Ski Mask Dog is currently undergoing a powerful bullish trend as buyers continue to establish new positions.
This momentum is evident in the escalating Relative Strength Index (RSI). Since the bullish crossover five days ago, SKI’s RSI has surged from 64 to 85.
This progression indicates that buyers have emerged during this period, gaining complete control over the market.
With mounting buying pressure, the meme coin has reinforced its upward momentum. This momentum is highlighted by the fact that SKI’s Directional Movement Index (DMI) is close to encountering a bullish crossover.
When an asset’s DMI aligns in this manner, with +DI ascending and -DI consistently diminishing, it signifies a robust upward trend while sellers are losing momentum.
This observation is further supported by the rising Relative Vigor Index.
An upsurge in RVGI signifies that closing prices are relatively higher within the price range. In an upward trend like the current one observed by SKI, it affirms the solidity of the prevailing market trend.