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    Bulls In Control, Dogecoin Eyeing Additional Short Term Gains?

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    Bulls In Control, Dogecoin Eyeing Additional Short Term Gains?

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    Dogecoin has been flashing bullish signs on its short term chart. The coin is currently trading laterally. Over the past week, DOGE registered 7% appreciation. The meme-coin has stabilised on the $0.06 support line. The key support level for the coin stood at $0.064. For DOGE to continue on a bullish path, demand for the coin has to remain in the positive. On the four hour chart, Dogecoin is targeting the $0.07 level. Although buying strength is still in the positive, there has been a minor decline in the buying pressure on the short term chart. If buying strength declines, then a pullback is in order for the meme-coin. Bulls will lose steam if the coin does not manage to trade above the $0.064 level for a considerable period of time. With Bitcoin’s price showing signs of upward movement, altcoins are also registering relief on their charts. The global cryptocurrency market cap today is $997 Billion with a 1.7% positive change in the last 24 hours. Dogecoin Price Analysis: Four Hour Chart DOGE was trading at $0.069 at press time. The coin has mostly registered sideways trading but has managed to slowly gain over the past weeks. Buyers currently outnumber sellers but if Dogecoin doesn’t move past the $0.070 mark, buying strength might lose momentum. This may cause DOGE to revisit the $0.047 support level. If Dogecoin moves above the $0.070 resistance mark  and trades there for a substantial period of time then a jump to $0.094 might be possible. The amount of DOGE traded in the last session declined considerably signifying a fall in selling pressure which remains a sign of bullishness. Technical Analysis With price of the coin increasing steadily the demand for Dogecoin also moved on an upward trajectory. In accordance with the increased buying strength, the Relative Strength Index was pictured above the half-line. This reading signified positive buying strength and bullish price action, however, a small downtick on the indicator was noted. Moving Average Convergence Divergence depicts price momentum. MACD underwent a bullish crossover and flashed green signal bars. These green signal bars suggested buy opportunities. Related Reading | Dogecoin Has Formed A Bullish Reversal Pattern, What’s Next? DOGE’s price action is headed in a bullish way but as the coin laterally traded for sometime, it reflected on the indicator seen on the above chart. Bollinger Bands are tied to depicting chances in price fluctuation. Bollinger Bands opened up slightly however, it was mostly parallel suggesting that price of the coin might not undergo heavy movement. The Directional Movement Index indicates price trend and the strength of the same. DMI was positive as the +DI line (Blue) was above the -DI line (Orange). Average Directional Index (ADX) rose above the 20-mark, which represented that the current price trend was gaining momentum on the chart. This indicated that Dogecoin could log short term gains over the upcoming trading sessions. Related Reading | Dogecoin Adds $1 Billion To Its Market Cap Folllowing Elon Musk’s ‘Boring Company’ Announcement Featured image from Unsplash.com, chart from TradingView.com  

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    Dogecoin Price Analysis: Despite Elon Musk’s Recent Tweets, DOGE At Critical Support

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    Dogecoin Price Analysis: Despite Elon Musk’s Recent Tweets, DOGE At Critical Support

    Like the rest of the cryptocurrencies, Dogecoin had seen a painful month in May, experiencing a rapid decline in its DOGE valuation. Can Elon Musk save his favorite cryptocurrency with the price at critical support? Key Support levels: $0.08 Key Resistance levels: $0.11 DOGE had a positive month in April, but all of this came […]

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    Dogecoin Spikes 10% After Elon Musk Reveals He’s Not Selling

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    Dogecoin Spikes 10% After Elon Musk Reveals He’s Not Selling

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    Dogecoin has been on a recovery trend lately. This is attributed to recent comments from Elon Musk, the ‘Dogefather’, that has seen prices spike. Musk who has been a vocal supporter of the meme coin is one of the major reasons behind the popularity and success the cryptocurrency enjoyed last year. Now, once again, the billionaire is also behind the recent spike in the price of the digital asset. Dogecoin Jumps 10% Elon Musk recently talked about inflation and naturally, as expected with the SpaceX CEO, the discussion had pivoted to cryptocurrencies. The billionaire had shared some insights regarding how to deal with inflation, which seems to be growing by the day. According to him, to fight inflation such as this, one would need to own physical things as opposed to the dollar. Related Reading | Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase These “physical things” that Musk referred to were things like a home or stock in a company that makes good products, which is useful when inflation is high. However, when it comes to selling virtual things like cryptocurrencies, Musk did not agree that selling them was good. He explained that he still owned bitcoin and wasn’t going to “sell my Bitcoin, Ethereum, or Doge. As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high. I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw. — Elon Musk (@elonmusk) March 14, 2022 After these comments, Dogecoin was quick to respond. Usually in the past, when Musk had talked about Doge, it had led to a price surge and this time was no different. Soon after, the price of Dogecoin had risen quickly from $0.111 to $0.122. It was not much later than the price had corrected back down but it continued to trade at a higher low after the dip. DOGE spikes after Musk’s comments | Source: DOGEUSD on TradingView.com Inflation numbers continue to rise in the United States, hitting as high as 7.9% already. This has raised concerns among experts who have called on the Fed to do something about rising inflation rates. Elsewhere, cryptocurrencies continue to be a good hedge for inflation. With Bitcoin growing more than 100% year-over-year and altcoins like Ethereum recording higher numbers, these digital assets have provided investors a much-needed reprieve from watching the value of their wealth go down. Related Reading | Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50% Dogecoin is still trading higher than it was yesterday as it landed at a higher low. At $0.113 apiece, the meme coin is a long way from its all-time high above $0.7 though, losing more than 70% of its value since then. Investor sentiment remains heavily skewed towards sell, a direct reflection of the digital asset’s performance in the market in recent times. Featured image from Binance Academy, chart from TradingView.com

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    Dogecoin Sees Rapid Accumulation Following Price Drop To $0.11

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    Dogecoin Sees Rapid Accumulation Following Price Drop To $0.11

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    Dogecoin has been on a downtrend for more than six months now. The meme coin which found favor in the eyes of investors had been able to rally to new highs but has been unable to replicate this success. Nevertheless, this has not been a deterrent for investors who continue to pour money into the digital asset. Most notable have been the whales as they accumulate massive amounts of Doge through its downtrend. Dogecoin Whales Not Giving Up Dogecoin is a long way from its $0.7 all-time high but that does not mean that investors believe that the digital asset is done for. In fact, Dogecoin whales themselves look to be the biggest believers of the meme coin given how much they have bought recently. These whales which hold the majority supply of the digital asset continue to add to their holdings at what can only be described as ‘discount prices.’ Related Reading | Bitcoin Jumps To $40k As Putin Sees “Positive Movement” In Negotiations IntoTheBlock documents cryptocurrencies and what percentages are held by larger wallets. Data from the site shows that Dogecoin whales have been ramping up their buying during the recent downtrend. Dogecoin which had recently crumbled to the $0.11 point saw a significant uptick in trading volume as these large wallets went on a shopping spree. DOGE trading at $0.115 | Source: DOGEUSD on TradingView.com Over a 24-hour time frame, these wallets had raised their holdings by another 6.8% putting the current percentage of Doge held by whales at 66%. It is a significant uptick given the low momentum that has rocked the altcoin of late. Doge has lost more than 60% of its all-time high value, presenting a buying opportunity for those interested. Still Making Money Even at what is categorized as low prices given how high the meme coin had rallied last year, the majority of Dogecoin holders are in no way losing money. IntoTheBlock shows that 54% of all Doge holders are still in profit at current prices. Inversely, 45% of all holders are in the loss territory, so not much of a wide gap from their money-making counterparts. While only 1% remain in the neutral territory. Related Reading | Bitcoin Falls Below $40,000 Trimming The Gains From US Crypto Order As for market sentiment, indicators point to investors being mostly bearish in the digital asset. However, this does not seem to deter the meme coin’s whales as they have added millions of dollars worth of coins to their holdings. This move on the part of whales could point to a recovery trend in the near future. However, with so many investors still bearish, it may require higher accumulation numbers than currently recorded to move the needle that much. Featured image from Laptop Mag, chart from TradingView.com

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