- Dogecoin trading volume has shown a huge surge.
- Dogecoin (DOGE) has a circulating supply of 141 Billion coins.
DOGE, inspired by the well-known “doge” Internet meme, showcases a Shiba Inu on its logo. Billy Markus and Jackson Palmer created this open-source digital currency, forking it from Litecoin in December 2013.
The DOGE coin has a market cap rank of #9 representing the dominance in the market and it has a volume/market cap of 0.16.
The DOGE has a trading volume of $4 Billion and the volume has advanced by 9% in the last 24 hours.
DOGE coin has shown an impressive return of over 11.6% in the previous session and the price has shown a good recovery of 32% in the last six months.
Dogecoin (DOGE) Technical Analysis
Dogecoin (DOGE) coin is moving in an uptrend in the weekly timeframe, followed by the formation of a higher high pattern. It can be observed in the charts that the price of the coin has shown an advance of more than 54% from the swing low.
Recently the price of the coin has reversed after hitting the support level and moving upwards. The price has also given a breakout from the ascending triangle with a very good momentum.
The DOGE price is expected to rise further till the immediate resistance level of $0.1110 and is presently trading at the $0.08 level. If the price breaks above the resistance level a further, uptrend can be observed in the future.
Technical Indicators’ Outlook About DOGE Coin
The MACD line for the DOGE is above the signal line, further signifying the positive crossover in the price. There is also a formation of a green histogram which signifies a positive signal.
The RSI line for the DOGE is trading at the 64 level and the SMA line is near the 45 level in the weekly chart. The RSI line is above the SMA line. This behavior of the RSI indicator is considered a positive sign, further indicating an uptrend in the price.
Conclusion
As per the analysis, the price of Dogecoin (DOGE) is rising and the price has given an impressive return in the previous months. The technical indicators are also showing a buying signal. If the price continues to move above and break the resistance level of $0.1110, a further increase in the price momentum can be seen.
Technical Levels
- Support Levels: $0.055 and $0.015
- Resistance Levels: $0.111 and $0.149
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.