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- Dogecoin carbon emission is down by 25% after following the Elon Musk collaboration
- Technical indicators of DOGE are favoring a strong consolidation. It has seen a drop of more than 4% in intraday session
Dogecoin is a cryptocurrency that was created in 2013 as a joke, based on the popular “Doge” meme that featured a Shiba Inu dog. Despite its origins as a meme, Dogecoin has gained a significant following and has seen its value rise dramatically in recent months.One of the reasons for Dogecoin’s success is its large and active community, which has helped to promote the currency and drive its adoption. The community has also been instrumental in organizing charitable campaigns and fundraisers, such as the Doge4Water campaign that raised funds to build wells in Kenya.Another factor that has contributed to Dogecoin’s growth is its relatively low price, which makes it accessible to a wide range of investors. Additionally, the currency has low transaction fees compared to other cryptocurrencies, making it attractive for small transactions and micropayments. Dogecoin carbon emission has seen a strong decline after following Elon Musk collaboration.
Dogecoin is currently ranked 9th in the CMC and has a market cap of more than $10 Billion. Volume to market cap ratio of the DOGE suggests a consolidated trend in price
Bulls Of DOGE Are Favoring A Consolidated Trend
The weekly technical chart of the DOGE suggests a consolidated trend in price. On the daily chart it is trading near the value of $0.08 with a drop of 6% in the intraday session. Resistance of DOGE can be seen near the value of $0.125. Meanwhile the support of the asset price can be seen near $0.05. It is trading below the 50 and 100 DMA and can soon see a positive crossover. If a positive crossover happens then a strong upside trend can be seen. On the 4 hour chart it is forming a strong upside trend which can push the price to a new high.
Conclusion
DOGE has reduced its carbon emission. Dogecoin price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$0.05
Major Resistance:$0.125
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
