Deepika- Dogecoin is currently trading at $0.06585 with a rise of -2.97% in 24 hours.
- Dogecoin’s live market cap is $9,213,023,383.
- Dogecoin’s 24-hour volume is $211 Million which rose by -15.40% in 24 hours.
Software developers Billy Markus and Jackson Palmer invented the cryptocurrency known as Dogecoin in December 2013. It was first presented as a humorous, meme-inspired digital money with the well-known Shiba Inu “Doge” meme as its logo.
Like other cryptocurrencies, Dogecoin runs on a blockchain-based decentralized network. It was not intended to be a serious rival to established currencies like Bitcoin or Ethereum; rather, it was designed to be a fun and sociable cryptocurrency.
One of Dogecoin’s distinguishing characteristics is its vibrant and helpful community, sometimes known as the “Dogecoin community” or “Shibe Army.” This community’s members participate in several fundraising initiatives and charitable endeavors.
Trend Analysis
According to historical price data, Dogecoin (DOGE) is presently in a downward trend The price of it has decreased by 40.25% over the past seven days, showing that it is currently performing poorly. It has fallen by -97.08% since its all-time high of $0.7607 over two years ago. As is clear, there are now no sizable numbers of coins accessible, which suggests there isn’t much volume out there as a result of the negative market emotions.
DogeCoin (DOGE) Price Analysis
EMA
The price of DOGE is currently trading below both the 20-50 day EMA crossover on the daily time frame, which is a negative sign indicating bearish momentum.
MACD
Move-Average Convergence Divergence is also signaling bearishness and sending a bad message every week. Currently, the signal line is at -0.0035 and the MACD line is at -0.0047. Since they are both below the zero line, MACD is likely to advance in a bearish direction and be in the negative zone.
RSI
A momentum oscillator called the RSI measures how quickly and drastically prices fluctuate. In RSI, a value above 70 indicates overbought situations, while below 30 indicates oversold zones. The 14 SMA line is close to 45.89 and the current value of the RSI is 4156, which indicates the downtrend movement in the future.
Volume Analysis
The 24-hour trading volume of Dogecoin is $211 million with an increase of -15.40% indicating a decline in market activity.
Technical Levels
Support – The current support level of Dogecoin is $0.0415.
Resistance –The current resistance level of Dogecoin is $0.1101.
Conclusion
As per the analysis. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are recent indicators that are giving negative signals for Dogecoin, indicating a likely downtrend momentum and potential decrease in the future. Before making any investing decisions, investors should use precautions and research carefully.
Disclaimer
Only for informational purposes, the author’s views and opinions, as well as those of anyone named in this article, are expressed. They don’t provide advice on money, investments, or anything else. Trading or investing in cryptocurrencies has a risk of financial loss.
