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- Dogecoin has been one of the most developing crypto assets this year by crossing the market cap by $100 million.
- The altcoin possesses strong fundamental characteristics with being a favorite among the crypto community and crypto miners.
Dogecoin is basically forked from Litecoin in December 2013. It is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. It is completely decentralized which makes it’s market much healthier as compared to that of centralized altcoins.
Talking about the growth of this altcoin, it has gained 7% relative growth as compared to Bitcoin in the crypto market rising from 28 satoshis to 30 satoshis. The reason for the impressive growth can be of strong fundamentals it possesses.
DOGE operates with Proof of Work (PoW) mining which helps it to get completely secured by a decentralized network of miners and nodes across the world. This helps to avoid wallet frozen, seizing or reversing activity by the central authority.
Another strong fundamental for DOGE is its active mining community and its ideal hash rate of 150TH/s which is just below the hash rate of litecoin (170th/s). This means that miners can mine both cryptos at the same time using the same work. The mining community is very active in the crypto market and ensures the security of the network for the long term.
The third strong fundamental for DOGE is the activities followed by its community. The members often give each other DOGE tips. It can be for posting helping information or just random acts of kindness. The community size is also very vast which is up to 148,000 members.
It can be said that DOGECOIN can be considered as a friendly gateway in the crypto market. It fosters a sense of goodwill, friendliness and dogecoin users can easily learn how to use their first wallet.
Dogecoin can be taken as a positive investment for traders in order to diversify their crypto portfolios since it possesses strong futuristic growth with the fundamentals it is having.
From the starting of the year, DOGE can show its potential by making double top positions in the first month. It had a price of $0.0025 but was followed by a negative downtrend.
But by the end of January, it again climbed to $0.002. At the starting of February, it had gone past the major mark if $0.0030 with sudden positive escalation. However, it was not able to sustain on the mark and brought the price back to $0.0029.
Currently, it is facing negative momentum with -2.88% overall loss. The current DOGE to USD price is of $0.0025 with market capitalization is of $314,401,465 with the 24H volume traded of $155,308,403.
The graph reflects on the bullish momentum at the starting of this month which helped it to cross $0.0030 mark followed by negative movement. RSI is moving to the level of 50 and any further movement above 50 will indicate its bullish momentum.
CCI is in the positive zone which is a good sign for DOGE bulls. MACD levels show that there is mix condition of buying and selling currently going for the altcoin.
Resistance Levels: $0.0030
Support levels: $0.0020
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
