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Dogecoin (DOGE)

Dogecoin [DOGE] Bulls Take A Breather After Hitting Peak At $0.14

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Tech mogul Elon Musk has been the biggest driver for Dogecoin [DOGE] rush. The cryptocurrency noted gains of more than 112.24% over the past week. The memecoin has noted an impressive jump to the 11th spot on the cryptocurrency ladder from less than a cent at the beginning of this year to the press time price of a fresh new peak.

After the Coinbase debut on Nasdaq, several cryptocurrencies saw minor pullbacks. Dogecoin [DOGE] was done by 2.16% over the last 24-hours which drove its price to $0.129. At the time of writing, the digital asset registered a market cap of $16.62 billion and a 24-hour trading volume of $14.15 billion.

Dogecoin [DOGE] Daily Price Chart:

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After weeks of consolidating, Dogecoin [DOGE] finally noted three straight days of green candles that prompted a fresh parabolic rise to a new ATH as volatility made a comeback. The 50 DMA [Pink] did manage to move above the DOGE candles during the last week of March. However, this trend was short-lived as the crypto-asset held on to the bulls.

After a brief trend of convergence, the gauge between the two moving averages, 50 DMA and 100 DMA [Blue] rose yet again while settling below the price candles and forming crucial support points.

Continuation of Uptrend

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DOGE technicals appear to be strongly favoring bulls. The MACD indicated a massive volume in the coin market as demand remained quite high. The long green bars of Awesome Oscillator depicted a phase of bullish momentum in the DOGE market.

In tandem with the rising price action, the RSI also rose to the overbought zone depicting a sentiment of buying pressure among the investors of the coin as the volatility in the market continued to rise.

The above charts point at a bullish phase for Dogecoin that could take it to climb new highs. However, in an unlikely case of a bearish reversal, the digital asset could test support at levels $0.0698, $0.059, and $0.047 respectively.

Dogecoin [DOGE] Trading Volume Sees Astonishing Figures

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Dogecoin [DOGE] has seen an impressive run this season. It was up by an astonishing 130% over the last weekly and was currently breezing through its recent record of $0.0792.

Thanks to several prominent figures like rapper Snoop Dogg, the former Kiss frontman, Gene Simmons who have demonstrated support for the Shiba-Inu featuring meme-coin, people are now investing heavily and declaring themselves fans on Twitter. But that’s not it.

But it was not until Tesla Chief’s series of tweets that sparked off a massive bullish spree for Dogecoin.

When Elon Musk Speaks, the world listens.

Dogecoin’s Price Madness

The seven-year-old coin is now the fourth-largest with respect to the 24-hours trading volume which was found to be at $9.942 billion.

Dogecoin had previously replaced several altcoins such as Bitcoin Cash [BCH] to climb to the 8th spot by market cap in the cryptocurrency ladder, a position that the token had failed to maintain following which it dropped to the 10th position.

Despite the slip, Dogecoin’s market value has more than doubled over the past week alone.

What further catalyzed Dogecoin was Musk’s yet another tongue-in-cheek tweet, saying “Who let the DOGE out” amid the rally. What started out as a joke coin back in 2013 was now riding a wave of game-changing popularity on social media, driven by the speculative frenzy of retail investors.

Dogecoin has the internet abuzz. However, many were quick to notice how Musk “shilled” DOGE for weeks but his company Tesla ended up buying a whopping $1.5 billion worth of Bitcoin. many pointed out that Musk successfully distracted the community with DOGE while secretly taking a gigantic bite of Bitcoin

This is what Coin Center’s Neeraj Agarwal had to say about the entire episode,

“My theory is Elon is very addicted to tweeting but knew he would get in trouble for posting about bitcoin too much before the 10-K. So he channeled his desire to post about bitcoin into posting about dogecoin.”

Despite all the theories by several industry experts and community members, Doge is now worth more than Western Union, Under Armour, and Xerox Holdings as investors continue to pour money.

Musk-Effect: Bitcoin [BTC] Blasts Off As Price Nears $50K

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Bitcoin’s [BTC] frenzy has kicked in yet again, this time leading to another powerful surge close to $50,000. It was not just an ordinary industry-induced rally. The latest bullish price action was accompanied by a massive endorsement by none other than Tesla CEO, Elon Musk.

BTC 1

So what’s the news?

Tesla just announced in a US Securities and Exchange Commission [SEC] Form that the car-maker not only purchased $1.5 billion worth of Bitcoin but was also planning to incorporate Bitcoin and other cryptocurrencies into their payment mode.

However, for most of February, it was Dogecoin [DOGE] that gained much traction after a series of tweets where Tesla and SpaceX exec. But his bets on Bitcoin was no less game-changing.

The tech giant first publicly announced support for BTC was on the 29th of January this year when he said that Bitcoin’s growth “was inevitable” shortly after changing his bio on the micro-blogging site to ‘Bitcoin’.

The FOMO has not just bolstered BTC to successfully breach its all-time high but has also induced the entire crypto market to go on a wild ride to levels never seen before.

Hence, this might be the most important bull market in BTC’s lifetime. Even as the crypto-asset dipped last month, the investor sentiment had stayed positive throughout the week which prompted the price to recover and trend higher.

One of the most important development was the fact that MicroStrategy continued its goal of pushing crypto to institutions as it hosted its first-ever Bitcoin for Corporations event last week. Thus paving the way for a new set of investors to enter the cryptocurrency industry.

BTC Tweet Volume

According to the data compiled by ‘The Tie‘, Bitcoin’s tweet volume hit a new all-time high with over 143K tweets sent over the last 24 hours, alone. The previous all-time highs were on the 2nd of January 2020 and the 22nd of December 2017.

The Tie

Glassnode Co-founder had recently revealed that the supply of Bitcoin on cryptocurrency exchanges has dropped to levels last seen back in January 2018 right at the peak Since then another 1.8 million BTC have entered circulation, all of which have gone to strong hands accumulating.

Dogecoin’s [DOGE] Short-term Technicals Depict Contradictory Picture

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Dogecoin [DOGE] has rallied hard over the past month and the hype is yet to settle down. Signs of the token’s price cooling down were invalidated right after billionaire Elon Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons tweeted about it. It hit an ATH of $0.084 before taking a minor plunge.

The tongue-in-cheek token featuring a Shiba Inu has replaced Bitcoin Cash [BCH] to become the 10th-largest cryptocurrency by market cap. Thanks to the many celebrities that have gone on the tweet about it, the joke coin has had a better luck in attracting mainstream attention than most cryptocurrencies.

Despite retracing from a fresh all-time high, DOGE was still up by more than 24% over the past day and was priced at $0.074. Its market cap also saw a double-digit surge in the past 24-hours climbing to $9.39 billion while its trading volume for the same time-frame rose to $14.65 billion.

Dogecoin [DOGE] Daily Chart:

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Even after a bullish start for the day, the 4-hour chart for Dogecoin depicted a formation of a mega-bearish ascending channel pattern which upon completion results in a breakout to the negative side.

It is important to note that the moving averages has once again shifted its momentum to bullish after hints of convergence following price downtrend earlier last week.

Following the latest tweets by the prominent personalities including Musk, the gauge between the 50 DMA [Pink] and 200 DMA [Purple] has once again increased demonstrating a positive outlook.

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The MACD suggested minor convergence hints with the signal line which could give an inkling of a potential bearish crossover in the near-term.

To further validate a bearish onslaught, the Stochastic RSI also appeared to undergoing a bearish crossover near the sell-region.

The RSI, on the other hand, just noted a mild decline and was well above the 50-median line indicating that the buying pressure was still intact in the coin market.

If the bears do manage to gain an upper hand in DOGE’s price, the meme-coin could find support at $0.046, $0.0313 and $0.020 respectively while its resistance continued to hover at $0.082.

Dogecoin [DOGE] Continues To Fall In Terms Of Price; Social Interest Follows Suit

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Dogecoin [DOGE] had an array of investors pouring into its market. The altcoin garnered immense traction throughout last week, however, this didn’t seem to last long. The asset took a plunge from a high of $0.070 to a low of $0.024. At the time of writing, DOGE was trading for $0.032 with a 3.79% drop in the last 24-hours. The coin had fallen in terms of market cap as well. The asset was up in the top ten just days ago. The asset seeped down to the fifteenth position while its market cap was at $4.19 billion.

Dogecoin was a product of social media. It started off as a meme but its price change proved that it’s no joke. The altcoin even saw significant surges due to social media platforms like TikTok, in the past. However, the social interest of the meme coin was seen spiraling downwards. Prominent analytics platform, Santiment tweeted about the same. The tweet read,

“The comparison between the discussion rates of $XRP and $DOGE over the past week is quite reflective of just how quickly the tides in interest can change in #crypto. The power of #wallstreetbets continues to be an enormous and revolutionary power.”

Dogecoin

XRP was finally seen rising after a long stay in the red zone, thanks to its tiff with the SEC. But, XRP accompanied Dogecoin in its recent downfall with regard to its social interest. During the time of writing, XRP was seen trading for $0.37 with a 2.16% fall in the last 24-hours.

Both DOGE and XRP had recently garnered an endorsement from the prominent American band, KISS’s member, Gene Simmons. His tweet read,

Dogecoin [DOGE] To Prolong Its Downtrend

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The four-hour price chart of DOGE on Binance announced that the bears were in the market of the altcoin. The Parabolic SAR indicator laid out dotted lines above the candlesticks which is considered bearish. The Awesome Oscillator indicator formed red closing bars and indicated a bearish momentum. The Money Flow Index indicator revealed a sellers’ notion in the DOGE market. The volume in the DOGE market was also down.

Dogecoin’s [DOGE] Rally Is Not Over Yet; Here’s Why

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Dogecoin’s [DOGE] price has seen a massive explosion. Especially for a crypto token with no hard cap on supply, but with just a cute Shiba Inu as its logo, it has managed to lure in a massive buying demand.

The latest price trend has catapulted the meme-coin to the 14th-position in the cryptocurrency ladder. Over the last week alone, DOGE amassed gains of nearly 360%.

Despite its rise, Dogecoin has retraced after staging a ten-fold surge earlier last weekend. However, over the past 24-hours, Dogecoin was still up by a whopping 39.68% which pushed its price to $0.0391. At the time of writing, the token recorded a market cap of $5.08 billion and a 24-hour trading volume of $10.48 billion.

Dogecoin [DOGE]

dogecoin

After months of underwhelming performance and mild breakouts that led nowhere, Dogecoin finally encountered the bulls.

Following this, the daily moving averages slid well below the DOGE price candles forming crucial support levels for the crypto-asset. In addition, the rising gauge between the 50 DMA [Pink] and the 200 DMA [Blue] affirmed the bullish momentum in the coin despite its price undergoing minor correction since hitting its ATH.

Highly Bullish DOGE Technicals

DOGE

Dogecoin’s rally might not be over. DOGE went on to become one of the best-performing this season and is not ready to give up the title just yet.

This was evidenced by MACD which depicted on a full swing bullish momentum above the zero line.

The OBV indicator hinted at the continuation of the positive price action. Furthermore, RSI bounced from the overbought region depicting a formation of a top but was not found to be heading for the 50-median zone which suggested that the buying demand was intact even as DOGE’s price has decreased.

The resistance level for the token was found to be the recently breached $0.046. Moreover, if the coin is able to retain its price above its nearest support level of $0.0285, an extended decline to its other points such as $0.0101 and $0.0048 can be averted.

Dogecoin [DOGE] Overbought After A Daily Surge Of Over 300%

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The entire crypto-verse was seen on an uptrend. But Dogecoin [DOGE] was the star of the show. The asset has been time and again surging after an endorsement from SpaceX CEO Elon Musk. However, this time, WSB Chairman, a Twitter account was seen fueling the uptrend DOGE was on. The tweet read,

Previously, DOGE was seen rising after a viral TikTok video. This tweet seems to have pushed the price of the altcoin to a high of $0.077. DOGE, during the time of writing, was trading for $0.0588, with a 374% surge in the last 24-hours. This price change of the altcoin paved the way to an array of speculations that was directed at XRP. The community suggested that DOGE could soon flip XRP.

Dogecoin [DOGE] One-Day Price Chart On Binance

Dogecoin

The bulls were still in the DOGE market. It seemed like DOGE could continue its hot streak. The trading volume of DOGE was quite high in the cryptocurrency exchange, Binance on the one-day chart of the coin. The Chaikin Money Flow indicator was leaning towards the bulls as the marker was way above zero. However, CMF marker was seen sluggishly walking down to zero. The Relative Strength Index indicator revealed that DOGE was being overbought. The MACD indicator also revealed a bullish notion as the MACD line took over the signal line. This was noted as a bullish crossover.

While $1 is a long way for the altcoin, the chances of DOGE flipping XRP isn’t too far off. This would only be possible if the altcoin continued its bullish trend.

Additionally, the market cap of the asset that started off as a meme, was seen surging into the top ten. At press time, DOGE was standing as the eleventh largest cryptocurrency with a market cap of $7.07 billion. The coin had surpassed prominent assets like Binance Coin [BNB], Bitcoin SV [BSV] as well as Monero [XMR] in terms of market cap.

Dogecoin Clinches Top Position Among Most Profitable Altcoins to Mine

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An altcoin that only started as a meme/joke coin in 2013, is gaining traction as one of today’s most speculated coins. Apart from its price rallying upwards by extreme percentages, Dogecoin sets itself apart as a profitable altcoin for miners. The original design of Dogecoin was inflationary, and this is the main factor in the mining benefits of the coin.

Dogecoin Value has Grown , Posting High Percentage Spikes Over the Past Few Weeks

Unlike Bitcoin, whose mineable limit is within a total supply of 21 million Bitcoins and only 6.25 Bitcoins per block reward (currently); Dogecoin’s mineable coins are unlimited and its blockchain pumps at least 10,000 Dogecoins into circulation every 10 seconds.

The value of the digital coin has grown and last week saw a 50% spike. Dogecoin has recorded the highest single day  gain since 2017 and according to google trends keyword search metric, “How to Buy a Dogecoin? “It rose from a score of 25 to 100. Therefore recording the highest possible popularity for a google search over the last one year. As a result, the performance has warmed up the cryptocurrency community including miners and traders. 

Factors to Consider Before Mining a Digital Coin

While the surging price of a coin is not the motivating factor surrounding a spike in the interest of the miner. Dogecoin has emerged as the favorite altcoin for crypto miners, given its high mining rewards that beat some of the leading coins, such as Bitcoin SV and Bitcoin Cash. Some of the factors miners consider before choosing a coin to mine are block reward, cryptocurrency price, equipment efficiency, halving and block generation duration. All these factors seem to be aligned in favor of Dogecoin. For instance, the altcoin has a block generation time of 60 seconds, and a block reward of 10,000 coins.

Conclusion

The coin’s scrypt protocol sets Dogecoin’s mining equipment apart, compared to other coins; because its equipment is affordable and efficient. 

Dogecoin sees mainstream adoption boost as it gets added on Binance’s roster

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The cryptocurrency market has ensured that the mantra to growth is mass adoption and multiple additions. This has been a policy that has been adopted by Binance, the world’s largest cryptocurrency exchange. In the latest announcement, the Changpeng Zhao led organization revealed that they would be integrating Dogecoin onto its platform. The official release stated:

“Binance.US will list Dogecoin (DOGE). Trading for the DOGE/USDT trading pair will open on October 24, 2019, at 9:00pm EST / 6:00pm PST. *Updated

Users can now start depositing DOGE in preparation for trading.

Please note: DOGE is temporarily only available for deposits. Withdrawals will not be enabled until trading is live.”

The decision has left the cryptocurrency industry split, with some calling it a good idea while others wanted to remind Binance that DOGE was started as a ‘meme coin.’ ‘MSingularity’ on Twitter stated:

“Started as satire, the tech and usage have always been rather real. I see a whole bunch of uneducated people hating, and trying to throw shade with projects that cannot maintain a secure main net. No hate though, just passionate folk.”

At the same time, the crypto world was on the opposite spectrum, saying:

“I do not understand your strategy, you have to stop the list of useless tokens like this one.”

The Binance announcement had a slight positive effect on Dogecoin’s price as the value rose by 2.43 percent. At press time, the cryptocurrency was trading for $0.0025 with a total market cap of $308.54 million and a 24-hour market volume of $77.66 million. HCoin, a relatively unknow exchange had the lion’s share of the DOGE trade with a hold on $22.17 million worth of transactions.

Binance was also in the news recently when the exchange revealed that they had added a fiat-to-crypto gateway for Nigeria’s Niara [NGN]. The company further teased the community and the country’s users by stating that soon, there are plans to introduce gateways for Kenya’s Shilling and South Africa’s Rand.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Altcoin performances break expectation as major coins continue to struggle

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After an extended bear run, the cryptocurrency market’s climate seems to have changed for the better with popular altcoins enjoying green pastures recently. Bitcoin, after holding at the $8000 level, looks like it needs notes from alts like Dogecoin, NEO, and XRP on how to hit the ramp.

Dogecoin

Dogecoin

The Jackson Palmer co-founder cryptocurrency loves sudden rises in prices, and that is precisely what has happened in the course of the last few weeks.

As of now, the Bollinger bands are in the midst of a divergence, which may indicate that there is an imminent bull run. The CMF line was below the zero line, which meant capital movement was less. The RSI showed that DOGE buy trade was more than the sell trade.

NEO

NEO

NEO has been trying to break away from the sideways moment, and there have been positive indications in the past week. The Bollinger band showed the exact same thing because the upper band and the lower bad was heading for a divergence.

The CMF maintained a healthy distance from the zero line and pointed to the positive capital movement. The RSI was heading away from the oversold zone, a sign that users were buying more of the cryptocurrency.

XRP

Ripple XRP

Ripple’s native cryptocurrency has had a difficult 2019, but its recent performance may indicate a change in fortunes.

The Bollinger bands had diverged completely, which meant that crypto was heading to the greens.

The CMF showed a strong signal of a really positive capital movement. The RSI was also in support of XRP as the line maintained near the overbought zone.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.