Dogecoin Price Analysis – DOGE/USD
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. The 24th largest cryptocurrency – Dogecoin with its current market cap stands at the level of $251,951,855 (10:34 UTC) on January 11 dropped in current value by 21.7% relative to the level of December 19 as analyzed from the graph above. The bearish pressure which was quite prevalent since last year that caused many altcoins to drop, however, most of the altcoins are supposedly gaining in value by creating the bullish trend.
The DOGE/USD pair gained in value by 5.94% relative to December 14 thereby offering the desired return just beginning of the year 2019! Besides current ‘downtrend’ in value, the DOGE/USD pair remained ‘uptrend’ from December 16 to December 25 as interpreted from the graph above which signifies the bullish trend.
Since both the moving averages have declined since mid-December last year representing ‘downward’ pressure in value. With this, DOGE shows that the bears have the upper hands as the DOGE/USD pair remains in bearish trends for some time until the next “uptrend” takes place. Traders who would like to invest into this cryptocurrency may explore to create long position the moment ‘uptrend’ takes place and remained for some time.
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 27 to December 16 last year, as the cryptocurrency rallied from a low of $0.0021 to a high of $0.0031 which is a 47.62 percent minimal return within 19 days.
Let us elaborate more about this asset as Dogecoin is a decentralized, peer-to-peer digital currency that enables you to send money online quickly. We may surely consider it as “the internet currency.” Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.
Now, let me walk you through the trading moment of Price, and Market Cap of Dogecoin as follows:
As we can quickly analyze from the graph above that the MCap stands at MCap $251,951,855 (10:34 UTC) with the blue trend line, and Price (BTC) 0.00000058 through orange trend line with 24h Volume 187,92,683 USD (10:34 UTC) can be interpreted from the graph above.
Since MCap and Price (BTC) traded with the YTD analytics, the highest Market cap and Price (BTC) traded on January 06 as analyzed from the graph above. The gap widens between the PRICE/BTC and MCap from January 06, and it comes to closure on January 10 as interpreted from the graph above. Needless to say that this altcoin is poised to offer the benefits to all those community users that would like to reap the long term benefits out of trading Dogecoin!
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.002161 (10:46 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. It seems that this altcoin will soon start trading beyond the 20-day EMA thereby creating the bullish pattern and may remain for some time. However, based on the current trend, the next support level could be $0.0022.
Please feel free to visit https://dogecoin.com/ to know more about this cryptocurrency!