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 by Market Cap, Dogecoin having its current market cap stands at the level of $255,778,852 (03:48 UTC) on January 15 dropped in current value by 23.9% relative to the level of December 19 as analyzed from the Graph above. The strong bearish pressure that caused a drop in value corresponding to December 19 which can be interpreted from the analytics above.

However, the DOGE/USD pair almost ‘uptrend’ from December 16 to December 26 as interpreted from the graph above which signifies the bullish trend.

Amid this, the DOGE/USD pair gained in value dramatically by 3.38% compared to December 14 which can well be analyzed from the graph above, which elaborates that the bullish trend may expect to accelerate soon! Based on the analytics above, since both, the moving averages are declining like a stone by creating the downward pressure over the value as interpreted through a line in the graph above. The 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! Currently, the DOGE/USD traded ‘downtrend’ in value.

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 October 11 to October 15 last year, as the cryptocurrency rallied from a low of $0.00498 to a high of $0.0065 which is a 30.5 percent return within four days.

Now, let me walk you through the trading moment of Price, and Market Cap of DOGE as follows:

As we can quickly analyze from the graph above that the MCap stands a 255,365,369 (03:49 UTC) with Price (BTC) 0.00000059 and Price/USD is 0.002167 through orange trend line with 24h Volume 18,254,897 USD (03:49 UTC) can be interpreted from the graph above.

As we can analyze from the graph above that, the MCap was traded highest on January 06 and then declined dramatically and again the next highest was observed on January 10 which signifies that how community users inclined to trade with this currency. The Price BTC was observed the highest then MCap and Price/USD trend lines on January 14, and it traded above both of them today as well.

While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.0021 (04:28 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 begin to trading beyond the 20-day EMA thus 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!

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