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 24th largest cryptocurrency – Dogecoin (DOGE) with its current market cap stands at the level of $269,990,331 (10:49 UTC) on January 08 dipped in current value by 17.8% relative to the level of December 19 due to the strong bearish pressure. The DOGE/USD pair gained in value dramatically by 10.3% relative to December 15 as analyzed from the graph above. The altcoin is believed to have created the bullish pattern as interpreted from the graph above. As the DOGE/USD pair remained ‘uptrend’ from December 16 to December 26 as analyzed from the graph above.
Since both moving averages have significantly declined representing a negative sign, with this the 20-day EMA 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. The current value trades below the 20-day EMA signifies the ‘downtrend’ in value.
Traders that are long awaited to invest in this asset may have to wait for some time to the extent that the next ‘uptrend’ takes place. The most sophisticated indicators namely RSI, EMA elaborates more clear pictures as to where this altcoin is traded!
Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The DOGE remained range bound from November 28 to December 16 last year, as the cryptocurrency rallied from a low of $0.0021 to a high of $0.0031 which is a 47.6 percent return within 18 days.
If bulls succeed in rising and sustaining above the current resistance level of $0.0023 (10:56 UTC) and creates “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 $0.0024.