Dogecoin Price Analysis – DOGE/USD
Dogecoin, the 20th largest 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 current market cap stands at the level of $248,823,105, 10:45 UTC on December 08, Dogecoin has experienced its current value tumbled by 65.5% relative to the level of September 23 as analyzed from the graph above.
Now, let’s talk about the technical aspects of the DOGE/USD pair as follows:
We can quickly identify that the strong bearish pressure and macro fundamentals have been responsible for causing a drop in current value. While both moving averages have declined significantly representing a negative sign, the falling 20-day signifies that the bears have the upper hand. Amid this, DOGE remains in a bearish trend for the time being since December, and the major advantageous situation is that it has not been in “oversold” territory as specified by the 14-day RSI. Now that no bullish trends which recommend a buy it is advisable to be on the sidelines until the next uptrend being created.
Those involved in trading activities should wait for the trend to reverse and a bottom to create before initiating any long positions in it. The 20-day EMA is sloping down stating that the balance is tilted in favor of sellers.
Since DOGE remained range bound from August 30 to October 15 this year, the cryptocurrency rallied from a low of $0.00250 to a high of $0.0065 which is a 61.5 percent return within 46 days.
Additionally, if we analyze the recent scenario, where DOGE stayed in the range of $0.00377–$0.0043 from October 25 to November 07 as interpreted from the above graph, since then the bears broke that level and falling like a stone till date as analyzed from the graph above.
However, if the bulls succeed in rising and sustaining above the current resistance level and start trading above the EMA which is at the level of $0.0025, an investor’s sentiment will likely to buy more of the currency. The next support level can be estimated at $0.0022.
The post Dogecoin (DOGE): Price Analysis, Dec. 08 appeared first on CryptoNewsZ.
