Dogecoin Price Analysis: DOGE/USD
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin sets itself apart from other digital currencies with a fantastic, vibrant community made up of friendly folks just like you. Dogecoin (DOGE), the 24th largest cryptocurrency (by CoinMarketCap) with its current market cap trades $220,671,677 (12:18 UTC) on February 06 dropped in current value by 32.6% relative to January 06 as analyzed from the graph above. The strong bearish pressure along with competitive forces caused dropped in value relative to January 06 which can be easily estimated from the chart above.
Let us not forget that amid the recent scenario the DOGE /USD pair remained ‘uptrend’ from December 16 to December 26 as interpreted from the graph above. Now that 20-day EMA is above the current value which elaborates ‘downtrend,’ which can be analyzed from the graph above. Traders and community users should remain on the sideline to create the long position to the extent that next “uptrend” takes place.
Let us glance about a certain milestone that this cryptocurrency attained in the recent past. TheDOGE/USD pair remained range bound from November 25 to December 17 last year, as the cryptocurrency rallied from a low of $0.00195 to a high of $0.00312 which is a 60 percent return within 22 days.
Now, let us talk about the trading moment of Price, and Market Cap analyzed through CoinMarketCap as follows:
As we can quickly examine from the graph above that the MCap trades at $220,671,677 (12:18 UTC) on February 06 with the Price (BTC) 0.00000054 and Price (USD) is 0.001851 through orange trend line with 24h Volume 14,589600 USD (12:22 UTC) can be interpreted from the graph above.
As we can estimate from the graph above that Price, BTC traded all-time high on January 02 above both MCap and Price USD. However, from January 30, the MCap took the lead by trading above both price conversion – USD and BTC.
However, based on the first graph, if bulls were succeeding above the current resistance level $0.001986 (12:16 UTC) (i.e., price traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.00185.
Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. Introduced as a “joke currency” on 6 December 2013, Dogecoin quickly developed its online community and reached a capitalization of US$60 million in January 2014.
Please feel free to visit https://dogecoin.com/ to know more about this cryptocurrency!