DOGE Price Analysis: Will DOGE Give Breakout?

• Dogecoin (DOGE) is currently trading at $0.06525, with a rise of -1.81% in 24 hours.
• Dogecoin (DOGE) live market cap is $9,141,600,053.
• Dogecoin (DOGE) 24-hour volume is $256,737,143, which rose by -23.40% in 24 hours.

 

In December 2013, software developers Billy Markus and Jackson Palmer created a cryptocurrency called Dogecoin. It was promoted as a humorous, meme-inspired digital currency for the first time. Using the “Doge” Shiba Inu meme as the emblem.

 

Dogecoin runs on a decentralized network based on blockchain, just like other cryptocurrencies. It is meant to be a fun and social cryptocurrency rather than a rival to well-established currencies like Bitcoin or Ethereum. One of Dogecoin distinguishing features is its active and supportive community, sometimes known as the “Dogecoin Community” or the “Shibe Army”. This community’s members participate in various fundraising projects and charitable endeavors. 

Trend Analysis

According to historical price information, the current trend for Dogecoin is bearish. Over the last seven days, the price of DOGE has dropped 39.25%, showing that the coin is underperforming. Since hitting its peak price of $0.7003 two years ago, DOGE has decreased by 96.08%. As you can see, there are currently a lot of unavailable coins, indicating a low volume due to unfavorable market sentiment.

DogeCoin (DOGE) Price Analysis

 

Source:  DOGE/USD.1W. by TradingView

EMA

On the daily period, the DOGE price is trading below the 20-50-day EMA crossover, a bearish indicator.

MACD

The MACD is moving beneath both the 0.0047 MACD signal line and 0.0035 signals. The MACD will likely continue impacting negatively since the signal line is below 0.0035.

RSI

 A RSI value above 70 indicates an overbought condition, while a value below 30 indicates an oversold condition. The 14-SMA line is near 45.89, and the RSI is currently at 4156, showing a downward movement in the future.

Volume Analysis

 The 24-hour trading volume of Dogecoin (DOGE) is $256,737,143, with an increase of -15.40% indicating a decline in market activity.

Technical Levels:

Support – The current support level of Dogecoin (DOGE) is $0.0415.

Resistance –The current resistance level of Dogecoin (DOGE) is $0.1101.

Conclusion 

As you can see from the above chart, the MACD and the RSI indicators suggest a negative trend and a possible downfall of Dogecoin within the next couple of months. So, investing in any cryptocurrency must be done after thorough research.

Disclaimer

The authors or anybody identified in this article’s thoughts and opinions are only for informative reasons. They do not provide financial, investment, or other advice. Investing in or trading in cryptocurrency carries the risk of financial loss.