Dogecoin is the 24th largest cryptocurrency “Dogecoin” with its current market cap traded at $240,164,461 on January 26 dipped in current value by 26.47% compared to December 19, 2018.
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. The significant fall in value was due to the strong bearish pressure, macro factors and of courses competitive forces from around the world. Let us not forget that the December 19 value was high by 32% November 26 as analyzed from the graph above.
The ‘descending channel’ emanating from December 23 states the downtrend in value. However, the DOGE/USD pair remained ‘uptrend’ from December 16 to December 25 last year as interpreted from the graph above which signifies the bullish trend.
Dogecoin can be traded on the following cryptocurrency exchanges: SouthXchange, C-CEX, CoinExchange, Kraken, Bittylicious, LiteBit.eu, Gate.io, Novaexchange, ZB.COM, QBTC, Indodax, Exmo, CoinEgg, CoinEx, cfinex, Trade Satoshi, Exrates, Koineks, Bleutrade, Coindeal, Upbit, Sistemkoin, FreiExchange, BtcTrade.im, BiteBTC, Coinsquare, HitBTC, YoBit.
As we can quickly analyze from the graph above that the current MCap trades $240,164,461 (10:43 UTC) with the Price (BTC) 0.00000057 and Price/USD 0.002036 (10:47 UTC) 24h Volume 15,287,293USD (10:47 UTC) . As we can estimate from the graph above that, the MCap traded all-time high on January 07 above both conversion prices – BTC and USD. However, from January 11 onwards, the Price (BTC) gained in value and traded above Price (USD) and MCap. It was all-time high on January 14 which can be analyzed from the graph above. Let us not forget that since November 30 (based on the first graph) this pair – DOGE/USD never experienced “oversold” category as the beginning of the year proved to be slightly fruitful for this altcoin.
While we can estimate from the first graph, if bulls succeed in rising and sustaining above the current resistance level $0.002193 (11:23 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. However, based on the current trend, the next support level could be $0.002030.