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.

Dogecoin, the 24th largest cryptocurrency – Dogecoin with its current market cap traded at $246,121,894 (05:41 UTC) on January 22 dipped in current value by 25.9% compared to December 19, 2018, as analyzed from the Graph above. The significant fall in value was due to the strong bearish pressure, macro factors and of courses competitive forces from around the world. However, the DOGE/USD pair remained ‘uptrend’ from December 16 to December 25 last year as interpreted from the graph above which signifies the bullish trend since the DOGE/USD pair increased by 0.01% compared to December 14, 2018, which can well be analyzed from the graph above, which signifies the bullish trend going forward.

Both the moving averages have declined since October 28 last year thereby creating downward pressure over the value as interpreted through the line in the graph above. Since current value trades below the 20-day EMA, which signifies ‘downtrend’ in value. Amid 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 should remain on the sideline until the next ‘uptrend’ takes place!

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 17 last year, as the cryptocurrency rallied from a low of $0.002089 to a high of $0.003154 which is a 50.98 percent return within 20 days.

As we can quickly analyze from the graph above that the MCap traded at $246,121,894 (05:41 UTC) with the Price (BTC) 0.00000059 and Price/USD 0.002086 (05:41 UTC) 24h Volume 18,155,703 USD (05:41 UTC) . As we can estimate from the chart about that the MCap traded all-time high on January 07 above both price – BTC and USD pair, however it decreased dramatically on January 10 and from then Price (BTC) started gaining in value even till today (05:53 UTC) traded above MCap and Price (USD) which signifies that how investors are bullish to invest in to this currency. Needless to say that at the beginning of this month this altcoin traded above the 20-day EMA as interpreted from the graph 1st.

While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.002195 (05:49 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 $0.002088.

Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to send money online quickly. Think of it as “the internet currency.” Dogecoin sets itself apart from other digital currencies with a fantastic, vibrant community made up of friendly folks just like you.

Please feel free to visit https://dogecoin.com/ to know more about this cryptocurrency!

The post Dogecoin (DOGE): Price Analysis, Jan. 22 appeared first on CryptoNewsZ.