- DOGE all-time high price is at $0.7376, 79.56% above the current market price.
- The trading volume of Dogecoin has increased by 33.89% in the last 24 hours.
- The maximum supply of DOGE tokens is unlimited.
Dogecoin (DOGE) is an open-source digital currency created by Markus, Oregon, and Jackson Palmer. It is based on the famous “doge” internet meme and features a Shiba Inu on its logo. Tesla CEO Elon Musk posted several tweets on social media about Dogecoin, which also attracted a larger audience. DOGE is accepted as a payment in companies like Tesla, AMC Theaters, GameStop, airBaltic, etc
Dogecoin Price Delivered Over 140% Return in Six-Month Trading Session
DOGE price has been in a bullish sentiment since October 2023. However, the price has shown incredible bullish strength in the last two months. It made a complete bullish reversal and surged 49.10% in February and 29.01% in the current month.
The current circulation supply of the DOGE tokens is 143 Billion DOGEs. It has released its total supply, which holds a market capitalization of $21.52 Billion. Conversely, it has an unlimited maximum supply, which makes it inflationary in nature.
Price to Volume and Social Dominance Analysis
The social dominance of Dogecoin has always been high, which is largely due to the asset being a meme inspired token. In early March, the coin gained almost 3.6% of social dominance in the entire crypto industry. All three are moving closer to each other.
This reflects stability in the current phase. The 24-hour trading volume has increased by 33.89%, ranked 10th among all the 9,094 active cryptocurrencies. The volume and market cap ratio (VMR) is at 13.01%, making currency easier to trade.
Technical Analysis of the DOGE Price
The price is moving with bullishness; the 50 and the 200-Day EMAs had a golden crossover at $0.069 in November. Afterward, the price retraced both the EMAs and made an impressive bullish rally on February 26.
DOGE price has given a breakout of $0.105, a crucial resistance level on November 28. The price increased almost 100% from the breakout level. It faced resistance from the $0.207 level and is making a bullish correction while respecting the trendline above.
The price can reach above $0.207 after a correction. It should also close above the trendline for better confirmation.
Furthermore, the relative strength index (RSI) reflected an internal bearish divergence in the DOGE price momentum. This indicates sellers are becoming more dominant in the current phase. The RSI line is at 53.06 below the RSI signal line.
Summary
Dogecoin is a popular meme coin used earlier as a tipping system for Reddit and X (formerly Twitter) to reward quality content creation. Recently, it gained so much popularity after Tesla CEO Elon Musk posted several tweets about this coin. At present, DOGE price is trading at $0.149, making a bullish correction. Regarding the technicals, The price can reach above $0.207 after a correction. It should also close above the trendline for better confirmation.
Technical Levels
- Resistance Levels: $0.158 and $0.207
- Support Levels: $0.125 and $0.105
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.