Dogecoin Price Analysis: Bears Retain Control of DOGE

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

Dogecoin is one of the most popular currencies of this year and the currency has experienced the bulls at the start of this year while the Bitcoin was also having the bullish rally in its value. The currency has been through a rough time in the market too. Here, is the value analysis of Dogecoin price analysis and technical analysis.

Current Status of Dogecoin: Currently, the currency is trading at the value of $0.002441 and its value is decreased by 3.37%. The market capitalization of the currency is $296,453,821 and the 24-hour volume of the currency is $55,870,452. The circulating supply of the currency is 121,439,709,125 and the ROI of the currency is 336.88%.

Technical Analysis:

4-hour Chart Technical Analysis of Dogecoin: The moving averages on the hourly chart of the pair DOGE/USD is showing buy signal. The SMA and EMA of the 20-day and 50-day on the hourly chart is also showing the green buy signal. The RSI value of the currency is 53.75 and it is showing a neutral signal. The MACD indicator and oscillator are showing are also in the green zone and the buy indicator is on.  The hourly chart analysis is showing the bullish aspect of the value.

1-Day Chart Technical Analysis of Dogecoin: The daily chart is showing the opposite signal than that of the 4-hour chart. The daily chart is showing the selling signal and the bears’ movement in the value. The oscillators and moving averages are showing a sell signal. The value of RSI of 50.68 and it is still showing a neutral signal. The MACD is showing in the red signal. The EMA and SMA of 10-day and 20-day are indicating buy signal, but the SMA and EMA of 50-day and 100-day are in the red zone and sell signal is on.

If we compare the above mention technical analysis of both 4-hour charts and daily-chart the situation of the Dogecoin progress in either bullish and bearish movement is not clear. Traders must wait to invest in the currency and let the situation a bit clear that the present one. Still, experts are predicting that the value of the currency is soon going up with the bulls. The main support levels of the currency are $0.002420, $0.002400, and $0.002375. The main resistance levels of the currency are $0.002470, $0.002500, and $0.002557. Further to these resistance levels, there is strong resistance at the value of $0.002800.

 

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