During the recent month, there has been a noticeable shift in the altcoin market, with smaller cryptocurrencies making significant strides.
Among these emerging digital assets is Ski Mask Dog [SKI], which has demonstrated remarkable growth in value over the past month.
As of the latest data available, SKI was being traded at $0.1321, reflecting a notable increase of 62.57% within a 24-hour period. During this time, its market capitalization has exceeded $100 million, reaching $131.39 million.
Moreover, the daily trading volume of this memecoin has surged by 35.12% to reach $18.47 million.
Additionally, SKI has shown strong performance on both weekly and monthly charts, with gains of 529.47% and 5647.94% respectively.
This surge in price has fueled investor interest, with a growing number of buyers entering the market. Consequently, SKI is currently experiencing a robust upward trajectory as buyers rush to acquire it, fearing they might miss out on potential gains.
Evaluation of SKI’s Performance
As per the analysis by CryptoCrypto, Ski Mask Dog is currently riding a wave of bullish momentum, with buyers continuing to initiate new positions.
This momentum is evidenced by the increasing Relative Strength Index (RSI). Following a bullish crossover five days ago, SKI’s RSI has surged from 64 to 85.
This indicates that buyers have emerged strongly during this period, exerting significant control over the market.
With mounting buying pressure, the memecoin has reinforced its upward momentum. This trend is further supported by the imminent bullish crossover on SKI’s Directional Movement Index (DMI).
When the +DI is on the rise while the -DI is dwindling, it suggests a robust upward movement for the asset and a sense of exhaustion among sellers.
Moreover, the ascending Relative Vigor Index reinforces this phenomenon.
An increase in the RVGI signifies higher closing prices in comparison to the price range. In an upward trend like the one observed in SKI currently, it validates the strength of the prevailing trend.