Considering the recent movements of the coin, it can clearly be observed that DOGE remains to trade between $0.0023 and $0.0026 in range-bound form.
While speaking about the Bittrex’s DOGE / USD, it has got a candle formation, which is more inclined to the lesser side of that spectrum.
Although the coin couldn’t jump at a greater height, however with a few cases of trading upward, the cost of Dogecoin went up to $0.0026.
Therefore, as far as the present scenario is concerned, Dogecoin ranks 29th on the crypto market, rightly referring to the coin’s true potential. DOGE / USD has been trading strictly range-bound for the previous 12 days. With Bitcoin consolidating gains above $10,000 but below $10,500; only within the said range does Dogecoin trade. Although for most of the coins on the crypto market, the week was quite a gainful one, this did not seem to have influenced Dogecoin’s price.
THE PRICE DYNAMICS OF DOGECOIN
A close observation of the coin’s 30-minute motion over the previous 1-day on Bittrex will make us capable of noticing the fact that the trend towards the reduced range of the coin is much more willing. In the original hours of the day, Dogecoin traded around $0.002594. Around midday, DOGE grew by 11.08 percent in no moment to $0.002615 corrected from $0.002354.
Today, for the most part, the price of Dogecoin is more inclined in the lower range below $0.002498 until the penning downtime. The scenario is no better, however, and the coin is still surrounded as the altcoin forehead by the strong selling pressure. Nevertheless, in the short-term moving averages, it is mildly rooted.
HERE COMES THE PREDICTION
Dogecoin’s present trading price is backed by the 5-day SMA ($0.002477), 10-day EMA ($0.002478), and is considerably below the 50-day SMA ($0.00272).
Currently, the coin’s MACD appears flat, but with a slight bullish crossover, while RSI appears to have taken a flat route around 50.
The intraday trading will undoubtedly come with enormous risks at this time. However, the long-term investment might quite possibly be a better investment in Dogecoin, keeping in mind its bulls in the future.