- DOGE crypto price has consistently advanced for the last three days.
- Dogecoin has outperformed 53% of the top 100 crypto assets in 1 year.
Dogecoin, inspired by a popular meme, was created in 2013 by Jackson Palmer and Billy Markus. Initially a joke, it gained traction for philanthropic efforts.
In 2021, influencer and celebrity endorsements, notably from Elon Musk, sparked a rally. Despite criticism, its abundant supply, broad community use, and acceptance by retailers contribute to its value.
The trading volume of the Doge crypto has advanced by 14% in the last 24 hours. The trading volume of crypto has been rising in the last few days, which shows a rise in trader activity.
The rise in the spot volume of the crypto has further led to a rise in the volume of its derivatives. Also, the crypto has very good liquidity based on its market cap, resulting in 6.75%.
Moreover, the maximum supply of the coin is infinite, and at press time, there are 144.147B DOGE in circulation in the cryptocurrency market. This further results in a fully diluted market cap of $21.706B.
As of press time, the DOGE crypto price has advanced by 175,458%, and the all-time low was achieved nine years ago. This shows that crypto has given its investors considerable returns in the last nine years.
Despite the huge rise in the crypto price from its all-time low, DOGE has been unable to break above its all-time high for the last three years.
Dogecoin is the 8th largest cryptocurrency in the global cryptocurrency market, and the crypto’s traded volume ranking is the same as the market cap ranking.
What Do Derivatives Have For Dogecoin?
The crypto trades with a long/short ratio of 1.0362 following a higher short liquidation. Furthermore, the short liquidation values of $5.58M were recorded over the last 24 hours.
What Is The Social Activity Status Of Dogecoin
Following the recent scenario, the social volume and the social dominance of crypto have started to advance, which shows that people are getting more interested in crypto.
The following surge in social dominance also indicates the possibility of development in the crypto blockchain.
What Levels Needs To Be Taken Out In DOGE Crypto
The DOGE crypto price is facing resistance from a dynamic trendline. The price consistently declined to lower levels after hitting the trendline and is still trading below the same.
Furthermore, a strong Change of Character(CHOCH) level is situated at 0.1662, and if the price further breaks above the following level, it might lead to a strong surge in the crypto price.
Lower high swings are formed on the daily chart of the DOGE crypto. This shows that the price is still downtrend unless it breaks above the CHOCH level.
DOGE/USD Chart by TradingView.com
The DOGE crypto price has hit the Bollinger Band’s lower band and formed a morning star pattern. This shows the buying pressure on crypto prices.
The price of the crypto further trades below the 20 and the 50-day EMA, but the 50-day and 200-day EMAs are trading in a golden cross. The price of the crypto further has bounced back from the 200-day EMA.
If the value of the DOGE crypto further breaks above the 50 EMA on the daily chart, it might lead to a strong surge in the price.
The MACD is giving a sell signal as the crypto metrics have declined below the zero level and are trading in negative territory.
The RSI, moreover, has sustained below the 50 level for a long time. The RSI has been consistently declining from the higher levels.
Summary
Dogecoin’s recent price surge and increased trading volume suggest growing investor interest. Despite resistance from a dynamic trendline, it’s showing signs of potential upward movement, supported by strong social activity and derivatives trading.
Apart from this, the technical indicators oppose the upward momentum, while the EMAs indicate the possibility of further lowering the crypto price if the key levels are breached.
Technical Levels:
- Support levels: $0.0760 and $0.1260
- Resistance levels: $0.1740 and $0.2240
Disclaimer
This article is for informational purposes only and provides no 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.