- DOGE crypto has witnessed 15 green days in the last 30 days.
- The price of Dogecoin is taking support at the 50-day EMA.
Dogecoin, created by Jackson Palmer and Billy Markus in 2013, began as a satirical take on cryptocurrency hype but gained popularity for philanthropy and community engagement.
Despite its abundant supply and meme origins, DOGE’s value rose due to broad community use, acceptance by retailers like Tesla, and speculation-driven investor interest.
The volatility of the Dogecoin crypto is very high, resulting in 11.04%, and its market cap has declined by 1.63% in the last 24 hours. The sentiment for the crypto is neutral, as per Coincodex.
Dogecoin’s market cap dominance is 0.95%, making it the 8th largest cryptocurrency in the world, followed by a market cap of $22.988B.The trading volume for the crypto has further witnessed a decline of 18.28%in the last 24 hours.
DOGE coin is trading with a volume/market cap ratio of 5.65%, and the circulating supply of the crypto is 143.988B DOGE. Also, the maximum supply of the crypto is similar to its total supply, and the maximum supply is infinite. Moreover, the fully diluted market cap is $22.898B.
The supply inflation of the coin is 3.63%, and its sentiment is neutral, as per Coincodex. Also, the total value locked for the crypto is $5.62M, and the DOGE is currently trading at a price level of $0.16.
Dogecoin Crypto Derivatives Analysis
The derivatives trading volume for Dogecoin crypto has been consistently advancing over the last few days, indicating traders’ strong activity. Despite this, in the previous 24 hours, the derivatives trading volume has declined by 12.07%.
The open interest in the coin has been trading flat over the last 24 hours, resulting in $920.36M. Furthermore, a higher long liquidation of $1.95M is recorded in the crypto. Against this, the short liquidation for the crypto is worth $1.22M.
DOGE Crypto Technical Analysis
The price of the DOGE crypto is trading above the 600-day consolidation zone and is currently taking support above the same. The crypto price is sustaining above the breakout levels. If it further forms any bullish candlestick pattern on the weekly chart, A further surge in the crypto price might be seen.
DOGE/USD Chart by TradingView
The 50-day and the 200-day EMAs are trading in a golden cross, following which the price of the DOGE crypto is trading above the 200-day EMA. Furthermore, the crypto’s price is currently facing resistance at the 50-day EMA on the daily chart.
The MACD indicator is currently showing weakness in the price of crypto. The MACD and the signal line are trading below the zero level. Also, the metrics of the MACD indicator are trading in a bearish cross.
The RSI has declined below the 50-level and the 14-day SMA. It represents the weakening momentum of the DOGE crypto price. If the RSI further rebounds above 50, a further surge in the price might be witnessed.
Summary
While Dogecoin has seen positive trends with 15 green days in the last month and support at the 50-day EMA, its high volatility and neutral sentiment suggest uncertain market conditions. Despite technical indicators showing potential for a surge, factors like derivatives trading and sentiment may influence its trajectory unpredictably.
Technical Levels:
- Support levels: $0.0700 and $0.0127
- Resistance levels: $0.2210 and $0.3370
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.