The cryptocurrency market is uncertain and the values of any currency can go down anytime. This is so far going good for most of the cryptocurrencies in the market. Bitcoin is again increasing by 5.51% and its value trading at $10,511.48. Other than bitcoin the nine cryptocurrencies in the top ten are also going up. As Bitcoin’s value directly affect many of the cryptocurrencies and the bitcoin’s value is going up so the other’s value is also increasing.
If we talk about dogecoin potential, the currency is having a great time this year, but unfortunately, as the market unpredictable the currency has been through rough patches too. The dogecoin community is optimistic about doge, though will dogecoin hit $1 or not is still a question. Currently, the currency has risen from its bearish correction and trading along with the bullish movement. Dogecoin is showing good improvement instead of the fact the currency has suffered a lot of value loss a few days back.
Current Status of Dogecoin (DOGE): Currently, at the time of writing, the currency is trading at the value of $0.002935 and its value is increasing by 2.37%. The market capitalization of the currency is $353,944,201 and the 24-hour volume of the currency is $19,525,384. The circulating supply of Dogecoin is $120,607,432,602 and the ROI of the currency is 425.20%.
Short-period analysis: Instead of the fact that the currency has suffered loss, but in the 3 months the Dogecoin has made around 13% progression in its value. But still the short-period trading chart of Dogecoinis bearish and on the 4-hour time chart, the pair of DOGE/USD is trading below the 200-day MA. It is displayed head and shoulders pattern of bear and the technical indicator on the 4-hour time chart is showing sell indicator and bearish value.
The pattern watch of a currency shows that the corrective will increase to finish the bearish pattern. RSI signal of the 4-hour time chart of Dogecoin is bearish and MACD is also showing the same.
Medium-period analysis: In this area, the currency has a neutral position and as the crypto is strengthening its trend making the 200-day MA definitive. The pair of DOGE/USD is dissolved in currency profit and still trapped inside a decreasing wedge pattern. The technical indicators of Dogecoin on the daily-time chart display downward trading and wedge pattern generally points out the bullish trend. The RSI is in the bearish zone and the MACD is not showing any clear signs.
The currency is currently enjoying the bullish surge, but we never know that when the cryptocurrency market’s mood can turn bearish.
News Source : Thecoinrepublic