Price Analysis

Dogecoin (DOGE): Price Analysis, Feb.10


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 $227,231,967 (11:11 UTC) on February 10 dropped in current value by 30.9% relative to December 19 as analyzed from the graph above. The strong bearish pressure caused a dropped in value relative to December 19 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 25 as interpreted from the graph above since 20-day EMA is above the current value which states ‘downtrend,’ which can be analyzed from the graph above. Traders and community users should remain on the sideline to create a long position to the extent that next “uptrend” takes place. While analyzing the entire scenario, we can estimate that this altcoin will cross the 20-day EMA thereby creating uptrend soon.

Let us glance about the certain milestone that this cryptocurrency attained in the recent past. TheDOGE/USD pair remained range bound from November 27 to December 17 last year, as the cryptocurrency rallied from a low of $0.001948 to a high of $0.003147 which is a 61.5 percent return within 20 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 $227,231,967 (11:11 UTC) on February 10 with the Price (BTC) 0.00000053 and Price (USD) is 0.001921 through orange trend line with 24h Volume 15,372,654 USD (11:18 UTC) can be interpreted from the graph above.

Since the Price USD traded all-time high on January 03 above MCap and Price BTC as interpreted from the graph above. However, from January 10 onwards until today, MCap took the lead and traded above both Price BTC and USD conversion.

However, based on the first graph, if bulls were succeeding above the current resistance level $0.001984 (11:33 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 $0.0020.

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!

Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at [email protected] to discuss anything related to his reports.
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