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Dogecoin Price Analysis: DOGEUSD Trading Volume is in Trouble

 

  • The Price of Dogecoin has traded virtually sideways
  • The Continues  Stop-Loss fears haunt traders 
  • The Dogecoin major resistance levels are $0.00265 and $0.00245
  • The Dogecoin major support levels are $0.00237, $0.00241 and $0.00245

Current Status of Dogecoin: Currently, the currency is trading at the value of $0.002224 and its value is increasing by 2.84%. The market capitalization of the currency is at $270,010,534 and the 24-hour volume is $40,592,891. The circulating supply of the dogecoin is 121,398,024,687 DOGE and the ROI of the currency is 298.04%.

Yesterday the currency experience the fall of 2% and the value came down up to $0.0023 from the value of $0.0026.

The whole market has suffered the bearish pressure and the value of Bitcoin goes down by $10,000 to $9,000 the market is a little disturb. The investors in the market were very frightened on 27th September as per the data of Crypto Fear & Greed Index. However, the currency experience the increase in the value.

Crypto Fear & Greed Index: It shows the emotions and feelings of investors and traders in the market about the crypto. The basic structure of this index includes the value of Bitcoin and its performance. Also the basic and technical analysis. The initiators at Alternative.me said that one can also apply the basics of countercyclical trades or investments on this index, but they will not get any kind of guarantee.

Price Analysis of Dogecoin: If we talk about the value of pair DOGE/BTC the currency has shown an increase of 2.2% in the previous 30 days. If we compare it with the yearly gain of 70% then clearly, it is not up to match at all. Dogecoin definitely not alone in the market to lose value but the other cryptos are too lost their values in the previous week. However, the currency lost a little more than them cause the bearish pressure was very strong.

If the talk about the movies averages of the currency Doge were around the confluence point and they were acting as a support level for the currency. The bullish really is still question until unless other currencies in the market also experience the bulls in their values too. And it might not be likely until the coming week.

The trading volume of the currency is also low and as per the message, the currency only holds around $600k which is its actual reading volume of the previous 24-hours. This is actually 10 times lower than the registered volume, which is increased due to some suspicious exchanges.

Dogecoin Most Resistant to a 51% Attack 

According to a recent tweet which shows that on the 1-hour attack cost of the Dogecoin in comparison with the other currencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Raven coin, the Dogecoin stand after just two currencies i.e. bitcoin and ethereum. It is more resistance to the attack of 51% than the other mentioned currencies.

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About 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.

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