Dogecoin Price Analysis – DOGE/USD
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.
The 23rd largest cryptocurrency – Dogecoin with its current market cap stands at the level of $276,136,568, 08:26 UTC on January 01 slashed in current value by 43.33% relative to the level of October 27, however it increased dramatically by 15.17% on December 14, 2018, as interpreted from the graph above. It is high by 16.09% relative to December 14. Let us not forget that this altcoin was under pressure of the strong bearish markets likewise other altcoins in the market; however, it remained in fluctuated trends post-December 2018 till now, but the 14-day RSI has observed the upwards movements that signifies that the altcoin will poise for offering the best one very soon.
Since both moving averages have significantly declined to represent a negative sign. With the ‘downtrend’ in value as interpreted by the 20-day EMA which shows that the bears have the upper hands as the DOGE remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. All those community users and traders that would like to create the long position in this asset are better to be on sidelines to the extent that the current value crosses $0.00248 level (08:37 UTC) and creates ‘uptrend’ in value.
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 $0.00207 to a high of $0.00311 which is a 50.24 percent return within 18 days.
If bulls succeed in rising and sustaining above the current resistance level $0.00244 (08:38 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 $0.00260.