Dogecoin Price Analysis – DOGE/USD
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to send money online quickly. Think of it as “the internet currency.”
The 24th largest cryptocurrency – Dogecoin with its current market cap traded at $218,889,407 (06:07 UTC) on February 08 dipped in current value by 32.4% compared to December 19 as analyzed from the graph above. Let us not forget that the strong bearish pressure that caused a dropped in value.
Amid the entire scenario, the DOGE/USD pair remained ‘uptrend’ from December 16 to December 25 as interpreted from the graph above which signifies the bullish trend.
Both the moving averages declined since from October 15 until December 15 last year thereby creating downward pressure over the value as interpreted through the line in the graph above. Since current value trades below the 20-day EMA, which signifies ‘downtrend’ in value.
Those that long awaited to invest in this altcoin (since bears have the upper hands especially when the DOGE/USD pair remains in bearish trends for some time until the next “uptrend” takes place) should remain on the sideline until the next “uptrend” takes place.
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The DOGE/USD pair remained range bound from November 28 to December 16 last year, as the cryptocurrency rallied from a low of $0.001938 to a high of $0.003162 which is a 63 percent return within 18 days.
While we can analyze from the graph above, the DOGE/USD pair experienced ‘oversold’ zone through 14-day RSI on February 06. However, it created positive divergence since then which signifies a bullish sign.
As we can quickly analyze from the graph above that the MCap trades at $218,889,407 (06:07 UTC) on February 08 with the Price (BTC) 0.00000054 and Price (USD) 0.001847 (06:12 UTC) 24h Volume 13,296,253 USD (06:12 UTC).
As we can analyze from the graph above that the price BTC traded all-time high on January 01 and then it dropped like a stone and from January 05 to 11, Price USD took a lead which can be analyzed from the graph above. However, from January 30 MCap took the lead till date which can be interpreted from the diagram above.
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.00198 (06:29 UTC) and create “uptrend” in value (i.e., 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 $0.0020.
When we elaborate more about Dogecoin, an altcoin featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo, with the formally introduced as a “joke currency” on 6 December 2013, Dogecoin quickly created 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!