- Dogecoin has shown 21 green days in the last 30 days.
- The annual inflation rate of the crypto is high resulting in 8.14%.
Dogecoin (DOGE), created in 2013 as a meme, gained traction for its philanthropy and community support. Despite initial satire, its value surged with broad adoption, celebrity endorsements, and acceptance by retailers like Tesla. With no maximum supply, increasing adoption, and potential integration with Elon Musk’s ventures, DOGE’s bullish outlook persists.
Dogecoin has high liquidity based on its market cap resulting in a volume/market cap ratio of 21.83%. The max supply of the crypto is also infinite followed by a circulating supply of 143.477 Million DOGE.
The fully diluted market cap of the crypto is $23.224 Billion and the market cap of the crypto is $23.218 Billion followed by a decline of 12.7% in the last 24 hours. Also, Dogecoin is the 9th largest cryptocurrency in the world.
The volatility of the crypto is extremely high resulting in 31.2% and then the market cap dominance of the crypto is 0.90%. Also, the sentiment of the crypto is neutral and the fear and greed index is at 83 indicating extreme greed.
The coin was released on December 12, 2013. The trading volume of the crypto further has witnessed an advance of 8.9% resulting in a traded value of $4.848 Billion
Dogecoin Crypto Derivatives Analysis
The derivatives trading volume for the crypto has advanced by 38% in the last 24 hours while the open interest has witnessed a decline of 22.5%. The current open interest value of the crypto is $1.20 Billion.
The long/short ratio of the token is 0.926 and the long liquidation for the crypto is $16.90 Million followed by the last 24 hours. This further has resulted in a short liquidation of $5.16 Million.
Despite this, the open interest of the crypto has witnessed a decline over the last few days while the price of the crypto is consistently advancing.
Market Cap Vs Total Open Interest For Dogecoin
The market cap and the total interest of the crypto have been consistently advancing over the last few days. This indicates the increasing activity of the traders in the crypto.
DOGE Crypto Technical Analysis
The trading price of the DOGE crypto has broken out above the consolidation zone after a long time and has witnessed an advance of 50% in price since the breakout.
If the price of the crypto continues to sustain above the breakout zones, we might get to see further advances in the price.
DOGE/USD Chart by TradingView.com
The DOGE crypto price is trading above the crucial EMAs such as the 20, 50 and the 200-Day EMAs. This is further followed by a golden cross of the EMAs indicating strong presence of buyers.
The ADX again shows the dominance of the preceding trend in the crypto as the ADX is trading at a level of 56.18.
The MACD and the signal line has overlap each other indicating uncertainty in the price while both factors are trading above the zero level.
Summary
Despite recent volatility, Dogecoin (DOGE) exhibits bullish signals, with 21 green days in the last 30. Its market cap, liquidity, and increasing trading volume indicate growing investor interest. Technical analysis suggests further price advancement after breaking out of a consolidation zone, supported by strong EMAs and a bullish ADX.
Technical Levels:
- Support Levels: $0.0600 and $0.7700
- Resistance Levels: $0.3370 and $0.48600
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.
