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Price Analysis

Dogecoin (DOGE) Price Analysis: Dogecoin Trends Seem to be Bearish, Only Support is its Small Trading Volume

Dogecoin (DOGE) is a cryptocurrency that emerged into the crypto market as a joke. However, since its launch, investors have taken it seriously, and it has a greater appeal than traditional Bitcoin. Dogecoin was initially used as a tipping currency on various social media sites. With the rise of social media and internet culture, the value of Dogecoin (DOGE) is going to rise only. A large of applications and websites like Litebit, Anycoin, Suchlist, keys4coins, dogegifts, clockworkcrypto, and an official Reddit tip bot are currently working on the tipping mechanism. This is a piece of good news for the crypto as it will provide users with more and more way to spend Dogecoin (DOGE).

Dogecoin

With a Return on Investment (ROI) of 350.25%, Dogecoin (DOGE) is priced at 0.002516 USD, today on April 29, at UTC 07:04, as per Coinmarketcap. If you look at the market capitalization of Dogecoin, it is around 299,925,398 USD, with a total of 119,280,836,647 DOGE chips in circulation. Looking at the 25-days trading variation, on April 4, the value of the crypto was at 0.003697 USD. Nevertheless, the market value of Dogecoin has declined by a heavy margin, and today it is trading at a loss of almost 32%.

Historically, Dogecoin’s all-time high was marked on Jan 07, 2018 with a trading price of 0.018773 USD, while it touched an all-time low of 0.000085 USD on May 07, 2015. For the previous day, the trade in the crypto started at 0.002520 USD and in the intraday trading session, it strengthened its value by 0.000012 USD (0.46%) and wrapped the day up at 0.002531 USD. The recorded highest and lowest value of crypto for yesterday was at 0.002563 USD and 0.002502 USD respectively. Talking of the trading volume in the currency, for yesterday its trading volume was of 25,600,272 USD.

Prediction for Dogecoin (DOGE):

Dogecoin (DOGE) has been losing its value at a steady rate for a month now. Nevertheless, there are few positive spikes in the Bollinger chart in the value of the crypto, but besides the bullish speculations of analysts and few funny tweets by the philanthropist, Elon Musk, nothing is going great for the Dogecoin. If one looks at the history of the cryptocurrencies, almost 95% of the total lot go bankrupt in a year or two after their launch. Only 5% of them pass the test of time and become Apple or Tencent of tomorrow. Sadly, Dogecoin (DOGE) seems to be of the first kind. According to our analysis, it will be a bad decision for any investor to invest in it for short, medium or long term.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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