Dogecoin Price Analysis: DOGE/USD
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin (DOGE) is the 24th largest cryptocurrency having its current market cap trades $223,925,903 (13:18 UTC) on February 12 dropped in current value by 30.5% relative to December 19 as analyzed from the graph above.
The strong bearish pressure caused a 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 25 as interpreted from the graph above.
Let us discuss the certain milestone that this cryptocurrency attained in the recent past. The DOGE /USD pair remained range bound from November 27 to December 16 last year, as the cryptocurrency rallied from a low of $0.00199858 to a high of $0.003136 which is a 56.9 percent return within 19 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 USD 223,925,903 (13:18 UTC) on February 12 with the Price (BTC) 0.00000052 and Price (USD) 0.001890 through orange trend line with 24h Volume 16,963,868USD (13:31 UTC) can be interpreted from the graph above.
Since we can estimate from the graph above, Price USD traded on January 02 which is all-time high above MCap and Price BTC. However, if we analyze today’s trend, MCap traded above all that it began from February 06.
However, based on the first graph, if bulls succeed by trading above the current resistance level $0.001985 (13:28 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 $0.001950.
Dogecoin is one of the altcoins that is featuring a likeness of the Shiba Inu dog from the “Doge” Internet meme as its logo. When 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. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to send money online easily. Think of it as “the internet currency.”
Please feel free to visit https://dogecoin.com/ to know more about this cryptocurrency!