The prolonged slowdown of the crypto market has left the investors in a position where they have to rely upon an almost compulsory ‘hold’ decision. After each barely started price rally, pullbacks occur disturbing the recovery. This is keeping the bull-run very much limited while the market remains range-bound.
However, following the recent pullback, where Bitcoin took a bearish turn even after crossing the $10,000 price mark, the majority of the altcoins have shown some balance. This first time in a while after the market crash in March this year as the coins are recovering their losses with improved pace.
Dogecoin, the noted crypto coin, has been performing really well since its inception. In these tough times, too, the currency has remained promising enough as the price is up as compared to where it was a month ago despite recent fluctuation.
Another thing that can make a significant approach towards cryptocurrencies is that, recently, an update stated that Virtual currency is an asset and falls under the general rules for income and asset taxation in Norway. Also, one has to report if one has owned, realized, or mined any digital currencies.
In a way, it shows how cryptos, including Dogecoin, are making a mark over the global economy. This acceptance may lead the market towards stronger grounds.
Dogecoin Price Analysis
Amid market volatility, DOGE/USD had traded above $0.0027 recently just to face stiff rejection there and then corrected heavily downwards. The corrections took it below the 61.80% fib levels, after which the coin found a support level at $0.0023.
Lately, Dogecoin has formed bullish candles at $0.0026, where it has crossed the 38.20% fib level with a positive bias. Notably, the coin spent the whole previous month on a sluggish note; the price of Dogecoin largely remained between 38.20% and 61.80% fib level.
Here, the simple moving averages are moving up after a bullish crossover. Meanwhile, the MACD indicator has just entered the bullish area. The altcoin has a stronghold above bullish technical aspects for now.