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Dogecoin [DOGE] suffers bear’s wrath as support fluctuates

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As the week drew to a close, the cryptocurrency market began leaning towards the bear. Altcoin graphs blinked green with Dogecoin [DOGE] suffering the biggest hit on Friday. The meme coin , after enjoying a bull run last week, fell by double-digit numbers as the market cap had a big chunk taken from it.

At press time, Dogecoin was trading for $0.227 while the market cap closed at lunch for $35.76 billion. DOGE’s 25 percent dip over the past week brought its daily trading volume to 2.157 billion. Sitting in the 7th position on the charts, Dogecoin still had some ways to go before overtaking its nearest competitor ie. XRP.

Dogecoin 1 hour:

doge 1 hr

Technical indicators pointed to the cryptocurrency trying its best to level the playing field with a positive user sentiment push. Dogecoin’s immediate price support fell to $0.268 over the past 24-hours as the bull took charge of the market.

Bollinger bands- The upper band and the lower band moved parallel to each other with a lack of a strong Bollinger cloud.

Chaikin Money Flow- Dogecoin’s CMF crossed the zero line as the capital coming into the market overtook the outflow.

Relative Strength Index- The RSI was near the oversold zone which meant that more users were selling their DOGE than keep it.

Dogecoin 1 day:

doge 1 day

In the long term, Dogecoin was still in its nascent stages. Recent price actions have allowed its volatility to be showcased with its histogram interspersed with green and red candles.

Chaikin Money Flow- Dogecoin’s sideways movement put a dampener on investor sentiments with capital influx dropping to 2-week lows.

Relative Strength Index- The RSI saw an uptick after a strong push by its user base. DOGE HODLers are driven by the sentiment that the cryptocurrency will “shoot to the moon” in the coming years.

Bollinger bands: Both the band’s formed an open mouth punctuated by Dogecoin’s last bullish run.

Dogecoin trades form the largest chunk in all of Robinhood’s crypto portfolio, says report

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The start of the pandemic had triggered an avalanche of new users in the digital payment sphere. Several exchanges and trading platforms benefited from this spike as the new users used its services to their fullest potential. Robinhood was one of the companies enjoying a slice of the bull run with half-yearly earnings bettering all of the 2020s by a factor of more than 45.

In Robinhood’s second-quarter financial reports, the firm stated that the year-to-date earnings from cryptocurrencies were a whopping $233 million. The spike becomes apparent when compared to 2020’s earnings which were just $5 million. Officials from the company embraced the new wave of users and encouraged more to participate.

One surprising fact from the report was that 60 percent of the revenue came from Dogecoin trades. The meme coins massive spike in May had resulted in hundreds of thousands of new users. Elon Musk’s added jumpstart to Dogecoin’s spike further fuelled another influx of users. Since Dogecoin’s last run, the cryptocurrency witnessed price stagnations interspersed a few bullish spikes.

At press time, Dogecoin was trading for $0.29 with a total market cap of $38.97 billion. A 9 percent increase in the weekly timeframe had elevated the trading volume to $38.98 billion, placing it in the 7th position on the cryptocurrency charts. DOGE’s performance only made Robinhood’s cryptocurrency asset grow multifold.

The company’s total revenue was tagged at %565 million for the second quarter of 2021. This was a whopping 131 percent increase compared to the same time frame from last year.

Dogecoin [DOGE] Takes Elevator with Bull as Prices Begin Capitulating

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As greener pastures abound in the world of digital assets, more users have begun to test their luck. Over the past week, the cryptocurrency market witnessed a flux of new investments, which in turn triggered bull runs. The massively popular Dogecoin also enjoyed its share of the climb by rising by over 34 percent. 

After hitting all-time highs and becoming Elon Musk’s center of attention earlier this year, Dogecoin’s price fell back into a lull. The cryptocurrency was trading for $0.275 with a total market cap of $35.3 billion. A 3 percent price increase had elevated Dogecoin’s trading volume to $5.03 billion. 

Dogecoin 1 hour:

doge hr

With Dogecoin’s support holding below the $0.24 mark, the cryptocurrency only has to watch out for it on the way down. A majority of the indicators pointed to a price capitulation after the previous week’s rally. 

Dogecoin’s upper and lower Bollinger bands moved parallel to each other as the price pattern became interspersed with reds and greens. Even the RSI steadied itself in the middle of the graph indicating a balance between the buyers and sellers. 

The MACD line and the signal line dipped after a bearish crossover on August 1. 

Dogecoin 1 day: 

doge d

Long-term charts showed a cryptocurrency steadily lifting its support steadily. With the value at $0.17, Dogecoin users would hope that the addition of capital would trigger a spark. 

The daily RSI was a friend of the bull as the graph touched the overbought threshold for the first time since the start of May. Bollinger bands diverged strongly from one another as a price cloud began to form. 

Dogecoin’s daily MACD charts moved upwards in tandem as the histogram displayed 23 consecutive green candles. 

Dogecoin [DOGE] struggles to get back to Pre-Jackson Palmer tweet price levels

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Dogecoin has had a rough start to the week as the meme coin took one of the biggest tumbles in the top 20 cryptocurrency club. Alongside Polkadot, the Shiba-Inu-inspired cryptocurrency fell in double-digit amounts after the bear ravaged the market. DOGE’s fall may have been accelerated after its founder’s comments on the digital asset industry.

Jackson Palmer, the founder of Dogecoin went on a tweet spree recently where he spoke about his decision to not return to the cryptocurrency market in any capacity. Following Palmer,s tweets, Dogecoin’s price fell from $0.23 to $0.16 in a matter of 46 hours. Although the cryptocurrency corrected soon after, the joy was short-lived. On July 18, the DOGE market opened after it crashed sharply towards $0.185 the previous night.

During the price recovery on the 17th, Dogecoin managed to surpass its earlier resistance, albeit only for a single trade. The average price could only manage a level of $0.192 after which it slid to $0.1881. The current bear attack seems meek compared to the one DOGE had suffered towards the end of June.

That event caused the immediate support to drop to a dismal $0.17 after which the recovery was quick but for a minuscule measure. Despite the founder’s comments on the market and the cryptocurrency, holders were still hoping for a recovery.

At press time, Dogecoin was trading for $0.171 with a total market cap of $22.495 billion. After an hourly fall of 9.9 percent, DOGE’s daily trading volume plummeted to $1.12 billion. The trading volume had stabilized earlier after the Twitter showdown where Palmer had said:

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”

Dogecoin tries to fend off bear as price recovery takes a hit

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The new week has seen the cryptocurrency market obtain a greenish tinge after a dip last week. Major cryptocurrency pumped on Monday allowing some coins such as DOGE to climb out of their bear trap. Dogecoin had plummeted on weekly timeframes with the last recorded 7-day fall being 10.7 percent. Although there was a slight fall in market cap, investor sentiment allowed Dogecoin to stay in 7th place.

At press time, DOGE was trading for $0.22 with a market cap of $28.2 billion. The weekly 10.82 price percent drop brought the DOGE trading volume down to $765.412 million. Its rapid climb over the previous weeks has allowed DOGE to be within striking distance of XRP’s market cap. An increased buying pressure would be the ideal boost that DOGE needs to get out of its bearish predicament.

Dogecoin 1 hour:

doge 1 hr

Readings from Binance showed that Dogecoin’s value had been gradually decreasing since the start of July. After a reverse breakout on the 9th, the cryptocurrency has held a steady price action for the following 48 hours. The immediate support clocked in at $0.19 while the resistance held at $0.256.

According to the RSI, Dogecoin was heading towards some more bear troubles. A sharp dip towards the oversold zone suggested that users were selling their tokens in exchange for less volatile assets. DOGE’s CMF also sided with the bear as the graph fell below the zero line. This came after the cryptocurrency’s struggle to stay in the green zone, something which it has struggled to do this month.

The Parabolic SAR on the hourly chart pointed toward’s DOGE struggle to stay bullish. Markers were below the price candles and could mean a potential bull patch for DOGE soon.

Dogecoin 1 day:

doge 1 d

After picking up in April, DOGE has never looked back to go to its previous levels. Peaking in the middle of May, the cryptocurrency has since fallen to more controlled levels. The earlier hype had even lifted Dogecoin’s value to $0.7 after the hype created by Elon Musk.

The Chaikin Money Flow indicator in the long term told a tale of a cryptocurrency struggling to obtain capital infusion. Investors seem to have lost interest in stocking up DOGE like they did back in April and May. Dogecoin’s RSI moved parallel to the midline in the oversold zone. The last time the graph had climbed above the midline was at the beginning of June.

Long-term PSAR markers stayed below the price candles as Dogecoin continued its sustained hold near the $0.2 mark.

No respite for Dogecoin [DOGE]; price remains vulnerable to major retracement

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The cryptocurrency market went for another downward spin. Mimicking this latest movement was Dogecoin [DOGE] which sustained double-digit losses along with its peer crypto-assets. The market has been choppy and signs of decisive trends were wiped out by the bears’ incessant onslaught.

Doge’s volatility has declined and was consolidating above a psychological support area since its fall from the ATH. The digital asset is yet to see a sharp price movement in either direction.

Dogecoin [DOGE] declined by 11.81% over the past 24-hours which drove its price to $0.32. At the time of writing, the meme coin registered a market cap of $42.74 billion and a 24-hour trading volume of $4.30 billion.

Dogecoin [DOGE] Daily Price Chart:

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Dogecoin [DOGE] formed a local top in the first week of June before hitting a reverse with six steady and back-to-back red candles. This was indicative of the fact that the market investors were watching to make quick profits in the short-term, a phenomenon and a trend that holds true for most top assets in the market right now.

The 50 DMA [Pink] continued to resist the meme coin while the 100 DMA [Blue] hovered below its price candles. The low volume could further the Dogecoin’s chances for a much-needed bullish flip.

DOGE 1

The red closing candle of Awesome Oscillator also depicted a weak but bearish momentum in the coin market after a brief respite. The MACD also switched over to face a bearish crossover which evidenced a low buying demand in the DOGE market. Even the RSI depicted a similar trend of extensive bearish pressure after it rejected at the 50-median line demonstrating an increasing sell pressure in the market.

Currently, Dogecoin remains vulnerable to a retracement to its immediate support level of $0.24. If the bulls fail to defend this area, the token could target the next support of $0.05, a level that was last seen in April.

The resistance levels for Dogecoin, on the other hand, stood at $0.42, $0.56 and $0.69 respectively.

CryptoLocally Community Votes To Add Dogecoin

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As the cryptocurrency market is on a green tear, several organizations are out to make sure users have the best experience online. Popular cryptocurrency exchange, CryptoLocally has listened to the beat and has listed Dogecoin on the platform for users to trade.

The popular peer-to-peer exchange stated that it’s focus on simplicity and security would drive the market forward. According to the company, Dogecoin’s recent market performance was an eye opener for everyone and ignited massive interest across the spectrum. With analysts predicting a meme coin rise, it makes sense to keep an eye on cryptocurrencies like DOGE.

Dogecoin will join a roster of multiple cryptocurrencies on CryptoLocally’s GIVernance ecosystem. This would allow faster integration and seamless use of the cryptolocurrency with its compatriots. Being the first and “truly decentralised P2P exchange”, CryptoLocally also allows it’s GIV token holders to vote on proposed value adding changes on the platform.

An official CryptoLocally release said:

“Token holders can submit projects for listing. The community then votes to approve or reject the proposal. DOGE traders will now be able to take advantage of CryptoLocally’s extensive payment options, allowing them to purchase DOGE using their local currency. On the other hand, current CryptoLocally customers will be able to partake in the current DOGE bull market and join the DOGE community.”

One of Dogecoin’s main attractions is it’s fast blockchain network and negligible transaction fees. This has made it something near and dear to a very niche cryptocurrency community. Some members of the cryptocurrency community have even compared it to Litecoin in terms of trading parameters.
Dogecoin (DOGE)

Celebrities and industry leaders took the liking of DOGE, often sharing memes of the beloved Shiba Inu dog mascot and sending its price to the moon. Among these influencers is no other than the richest man in the world, Elon Musk, whose endearing tweets send crypto bulls into a Dogecoin buying frenzy.

Dogecoin uses Scrypt protocol like Litecoin but has a one-minute block time compared to Litecoin’s two and a half. In other words, Dogecoin offers faster transactions and confirmations. Dogecoin never positioned itself as a payment network like Litecoin, but it seems more than able to compete with Litecoin or any other altcoin for that matter.

Cardano [ADA], IOTA, Dogecoin [DOGE] Hold Fort as Bear Tries to Shake Up Crypto Industry

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The cryptocurrency market’s performance over the past week has been slightly positive with bullish changes across prices and market caps. Although Bitcoin is yet to cross the $11,000 mark this week, investors were hopeful that it was setting a good precedent for the rest of the industry.

On Friday, the altcoin market displayed green across the board with some major altcoins pumping after extended time periods. Tokens like Cardano, IOTA, and Dogecoin stood the test of the bear by showing increases in prices and daily trading volumes.

Cardano

The Charles Hoskinson co-founded Cardano shot to fame because of its promise to integrate virtual assets with daily use cases. Although it has not spiked to its expected potential, the cryptocurrency was still holding strong in the face of stiff competition.

At press time, ADA was trading for $0.093 with a total market cap of $2.91 billion. A 1.43 percent price increase over the past 24-hours had elevated the daily trading volume to $999.4 million.

adausd 1

Cardano’s Chaikin Money Flow indicator had spiked above the zero line, a sign that the capital coming into the Cardano market was much more the capital leaving the market. The RSI, on the other hand, was still struggling to break into the zone because the graph had fallen below the oversold zone.

IOTA

iotausd

Another altcoin enjoying a decent stint on Friday was IOTA, climbing by 1.4 percent in the hourly spectrum. IOTA was valued at $0.27 with a total market cap of $774.207 million and a 24-hour trading volume of $8.089 million. The cryptocurrency’s technical analysis was more bullish than Cardano’s as evidenced by the RSI and the CMF.

IOTA’s CMF was right on the zero line, signalling the slowdown in capital inflow. Some analysts predict that if the Internet of Things based cryptocurrency shows more developments, then it could head towards a significant price increase. The IOTA RSI was on the verge of breaking towards the overbought zone due to an increase in the number of people buying into the IOTA market.

Dogecoin

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Dogecoin, the meme-inspired cryptocurrency was one of the few tokens showing green on all three timeframes. At press time, DOGE was trading for $0.0028 and held a market cap of $354.679 million. The Jackson Palmer founded virtual asset was one of the few assets that showed a decent performance on the price charts.

DOGE’s Chaikin Money FLow had reached its highest point since March, signalling a massive shift in investor sentiment. The surge in capital could be because of the lack of stellar movements from the incumbent cryptocurrencies. Dogecoin’s RSI had also spiked over the past week after having fallen to a 6 month low.

 

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 683 Percent Daily Volume Pump Amidst Viral TikTok Challenge

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Six months ago, Cash payment application Square Cash Launched a marketing campaign on TikTok, using the platform’s top performing influencers. Through the short-video sharing application, Square Cash raked in at least $150 million in revenue. Managing to introduce crypto to millions of TikTok users.  Thanks to TikTok, the less popular crypto Dogecoin took 140 percent and more of a leap by simply asking people to follow the app challenge that encouraged users to invest in the digital asset.

While Square Cash may have made millions of profits in bitcoin during the fall of last year; the Dogecoin challenge promised users that they could make a lot of profits when the coin hits $1 market price.

Crypto’s performance over the last few weeks could be attributed to a study conducted by Grayscale on Bitcoin investors. The study has shown that at least a third of individuals who haven’t heard of Bitcoin would invest in the coin once they’ve heard about it.

For instance, no sooner had the TikTok Dogecoin challenge taken root on the platform than the keyword,-“How to buy Dogecoin? ‘Twitter and Google have begun to trend. In fact , by the end of yesterday, the coin had risen to more than $878 million , representing a 683 per cent pump in its average daily volume. Take a look at cryptocurrency 7 and 30-day cryptowatch charts. The patterns all indicate a bullish curve.

Crypto Watch

[Source: CryptoWatch] 

Cryptowatch’s social activity trends is currently witnessing massive dogecoin updates on Reddit, Twitter and Dogecoin community; ranging from phrases such as:

“Petition to make Dogecoin the official in-app currency of TikTok and Reddit. The Money of Memes!

“If we get this to .0006 tonight I’ll get a doge tattooed to my chest”

However, despite millions of trending TikTok Videos about Dogecoin, the owner of an official dogecoin account on twitter asked investors to take more caution while investing in the meme coin.

Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.

Make choices right for you, do not ride other peoples FOMO or manipulation.

Stay safe. Be smart.

❤️ #dogecoin

— Dogecoin (@dogecoin) July 8, 2020

Nevertheless, Dogecoin is here to stay thanks to the meme culture rooted in the Z generation and the Millennials. The prevailing market stimulus is not only eager to speculate on the direction the coin will take, but also willing to invest and reap profits if the coin hits $1.