- The Dogecoin crypto price is trading 90000% above its all-time low price.
- The DOGE crypto has a high supply inflation rate of 7.72%.
Dogecoin is a meme-inspired cryptocurrency that uses Litecoin’s technology. It was created by Palmer and Markus in 2013 as a joke but gained popularity and value thanks to social media and celebrity support. Dogecoin is abundant, circulating, and accepted by some retailers, including Tesla.
The current circulating supply of the Dogecoin crypto is 142.916B DOGE and the total supply of the crypto is also the same. Also, the max supply of the crypto is infinite and the fully diluted market cap of the crypto is $11.303B.
In the last 24 hours, the market cap of the crypto has witnessed a decline of 0.9% and the market cap value of the crypto is $11.308B. The trading volume of the crypto has further declined by 13.43% resulting in a traded value of $199.26M.
Dogecoin has a medium volatility of 2.80% and its market cap dominance is 0.68%. The sentiment of the crypto is bearish as per Coincodex and the all-time high price hit by the crypto is $0.7316.
Dogecoin Derivatives Analysis
The long/short ratio for the crypto followed by the last 24 hours is 0.9128, which indicates seller dominance resulting in a long liquidation of $132.17K against the short liquidation of $4.76K.
The derivatives trading volume for the Dogecoin crypto has also declined by 8.7% and the open interest is trading flat with a slight decline of 0.45%.
DOGE Crypto Technical Analysis
For close to two years, the price of the DOGE crypto has been consolidated inside a small range and hasn’t given any legit breakout despite of few fakeouts.
Moreover, the DOGE crypto price has declined by more than 50% from its all-time high price, which indicates a strong bearish trend in the crypto price. If the price of the DOGE crypto fails to break above the last swing high, we might witness a further decline in the crypto price.
DOGE/USD Chart by TradingView
The 20-period and the 50-period EMAs have formed a bearish cross on the chart and the price of the crypto has also declined below both the EMA. Moreover, the price of the crypto is taking support at the 200-day EMA and if it breaks below the same, more decline in the price might be seen.
The MACD and the signal line overlap each other and are trading below the zero level indicating weakness in the price.
The RSI is trading below the 50 level and has overlapped the 14-day SMA. The following behavior of the RSI indicates weakness and volatility in the crypto price.
Summary
Dogecoin is a meme coin that has lost its momentum and is trading in a bearish downtrend. It has low trading volume, high inflation, and negative sentiment. The technical indicators are also weak and suggest more downside potential. Dogecoin needs a strong catalyst to break out of its range.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.