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.
When we talk about this altcoin which has attracted attention to many investors worldwide, let me tell you that the 24th largest cryptocurrency (by CoinMarketCap) – Dogecoin having its current market cap stands at the level of $251,590,864 (08:21 UTC) on January 20 dropped in current value by 23.5% relative to the level of December 19, 2018, as analyzed from the Graph above. The strong bearish pressure that caused a drop in value corresponding to November 18, 2018. However, the DOGE/USD pair almost ‘uptrend’ from December 16 to December 26 last year as interpreted from the graph above which signifies the bullish trend.
Amid this, the DOGE/USD at present traded below 20-day EMA by creating ‘downtrend’ however, it is expected to initiate its trading beyond the EMA thereby offering the best to all those that have invested in this asset!
We can easily see from the graph above that the DOGE/USD pair gained in value dramatically by 3.31% compared to December 14, 2018, which elaborates that the bullish trend may expect to accelerate soon!
Since both, the moving averages are declining like a stone by creating the downward pressure over the value as interpreted through a ‘descending channel’ 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! Traders and all those community users that long awaited to trade with this asset, who would like to invest 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 12 to October 14 last year, as the cryptocurrency rallied from a low of $0.0050 to a high of $0.0065 which is a 30 percent return within two 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 251,778,474 USD (08:28 UTC) with the Price (BTC) 0.00000057 and Price/USD is 0.002135 through orange trend line with 24h Volume 15,864,527 USD (08:28 UTC) can be interpreted from the graph above.
When we analyze from the graph above, the MCap traded was all-time high on January 06 above both the price – BTC and USD conversion. However, from January 10 onwards, Price (BTC) took the lead and traded high above MCap and Price USD. It was all-time high on January 14 which signifies that the traders want to trade with this altcoin!
Based on the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.00222 (08:21 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. Let us not forget that the DOGE/USD is believed to cross and trade beyond 20-day EMA soon. However, based on the current trend, the next support level could be $0.0022.
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!
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