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- 1 The Dogecoin’s price took support at $0.060 and increased by 2.94% in the last week and by 0.53% over the last 24 hours.
- 2 The price of Dogecoin is trading at $0.06231 and the 52-week range is between $0.056 – $0.111.
Dogecoin (DOGE) is a cryptocurrency inspired by a dog meme featuring a Shiba Inu dog. It was created in 2013 by Billy Markus and Jackson Palmer as a fun and light-hearted alternative to Bitcoin.
As per the community called cryptoheadlines which usually posts on the CoinMarketCap website, a group of investors has filed a lawsuit against Elon Musk, the CEO of Tesla and SpaceX, for allegedly manipulating the price of Dogecoin, a cryptocurrency, with his tweets.
The plaintiffs claim that Musk’s tweets caused them to lose $258 Billion in total, and they are seeking damages and an injunction to stop him from tweeting about Dogecoin.
The lawsuit accuses Musk of violating the Securities Exchange Act of 1934, the Racketeer Influenced and Corrupt Organizations Act, and the common law of fraud. Musk has not commented on the lawsuit yet. He is known for his frequent and controversial tweets about Dogecoin and other cryptocurrencies.
Dogecoin rose 0.81% in market value and by 20.48% in trading volume in the last 24 hours, as per CoinMarketCap. Its market value is $8,787,848,507 and its trading volume is $203,121,948.
There are 141,068,506,384 DOGE in circulation which is the amount of DOGE coins that are circulating in the market and DOGE’s that are in public hands. Also, the maximum amount of coins that will ever exist in the lifetime of the DOGE crypto is its FDV (fully diluted value) of $8,791,732,123.
Technical Analysis of DOGE on 1-D Timeframe
Dogecoin price is falling and facing a strong downward trendline. It makes lower highs and lows and moves in a quick drop and slow recovery pattern. The trendline resists the price from rising and pushes it down every time it touches it.
Dogecoin price is now at $0.06233 and the price is facing resistance from EMAs and it is now in a consolidation phase.
The Dogecoin price could ascend more if it breaks EMAs one by one. If more buying volume adds up, then the price might conquer rejecting EMAs by making higher highs and lows. Then, the next probable resistance levels would be $0.065 and $0.070, based on the previous highs and lows.
If the Dogecoin price drops further, it will fail to break the current resistance and keep falling. The next support levels would become $0.060 and $0.055.
At the time of publishing, the Dogecoin (DOGE) price is trading below the 20 and 50-day EMAs (exponential moving averages), rejecting the Dogecoin price trend.
The MACD line at 0.00112 and the signal line at 0.00137 are below the zero line and both lines crossed each other multiple times but the histogram gap is lean in the MACD oscillator, highlighting traits of lack of momentum in the DOGE crypto’s market.
The current value of the RSI is 44 points and the 14-day SMA is below the median line at 39 points; indicating a neutral to bearish sentiment. Collectively, the indicators’ outlook is neutral to bearish.
Conclusion
The Dogecoin price prediction shows a neutral to bearish outlook from investors and traders in the daily time frame. DOGE price action reveals a neutral to downward trend at the time of writing. Moreover, the daily chart shows the DOGE price trend is bearish as the technical indicators suggest. The RSI, EMA, and MACD indicate that the price may either stay in a range or continue to decline.
Technical Levels
- Support levels: $0.060 and $0.055
- Resistance levels: $0.065 and $0.070
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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.
