Dogecoin has failed to give the kind of returns that the investors had hoped for in recent times. Compared to other memecoins doge has performed rather poorly.
In this article, we will discuss dogecoin price analysis along with weekly analysis and technical indicators.
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Dogecoin Next Move
- Current Market Price: $0.1762
- 24-Hour Trading Volume: $2.83 billion
- Market Cap: $24.16 billion
- Total Supply: Unlimited
- Circulating Supply: Approximately 137.39 billion DOGE
Let’s have a look at the chart:
Eye on the breakout.👀
Dogecoin Weekly Analysis
Dogecoin has experienced a minor increase of 1.08% recently, reaching a price of $0.1762.
Over the past week, DOGE has maintained an ascending trend, gaining more than 11%, and showing a 3% increase over the past month.
Technical Indicators
- Relative Strength Index (RSI): 55 (Neutral Zone)
- Average Directional Index (ADX): 18.23 (Weak Trend)
- Moving Average Convergence Divergence (MACD): Indicates potential shift in market momentum with the MACD line at 0.00288 and the signal line at 0.00216.
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News Roundup
- Dogecoin Surges as Institutional Investors Show Interest: DOGE’s price increase has been partly attributed to a weaker private sector jobs report in the US, which has influenced broader market dynamics, leading to a 1.08% rise in DOGE’s value.
- Elon Musk’s Influence Continues: Elon Musk’s sporadic tweets and involvement has consistently boosted investor confidence and market activity surrounding DOGE.
- Dogecoin Foundation’s New Initiatives: The Dogecoin Foundation, reestablished in 2021, is working on securing three-year funding to support full-time staff dedicated to developing the Dogecoin ecosystem.
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