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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

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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.

Dogecoin [DOGE] Pulls Away From the Rest of the Pack While others like Dash [DASH] Face an Uphill Bull Battle

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Several cryptocurrencies have seen a massive turnaround in fortunes over the last couple of weeks with holders expecting a silver lining at the end of the dark tunnel caused by the coronavirus. While major cryptocurrencies at the top like Bitcoin and Ethereum were still trying to get a foot in, it was the minor altcoins making bigger strides in the industry.

At the turn of the second week of July, Dogecoin, the Jackson Palmer founded cryptocurrency witnessed an unprecedented rise in value. This rise was part of an entire set of altcoins enjoying the bull ride at a time when the limelight was fully on Bitcoin.

Dogecoin

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Dogecoin was first created as a joke by Palmer which later took off because of the likeability of the ‘doge’ meme. Currently, Dogecoin ranks at number 33 on the cryptocurrency charts with a total available supply of 125.14 billion. This circulating supply makes it one of the largest circulating collections in the cryptoverse. At press time, Dogecoin was trading for $0.00276 with a total market cap of $346.512 million. A massive 18 percent increase in the past 24-hours was also the reason for the daily trade volume to spike to $201.95 million.

The Relative Strength Index for DOGE had spiked massively after the recent hike. Sticking close to the overbought zone is expected to do good for the cryptocurrency as it meant more people were buying into the Dogecoin ecosystem. The Chaikin Money Flow indicator followed a similar pattern to that of the RSI as the graph stayed well above the zero line.

Dash

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While Dogecoin may be enjoying green pastures, Dash was still struggling to get back on the horse. The 24th placed cryptocurrency was trading for $69.6 at the time of writing, a value that has remained almost constant throughout the year. Dash’s market cap clocked in at $667.24 million while the daily trading volume was at $257.193 million.

Dash had recently received some good news when the cryptocurrency became a part of the trade roster in Austria along with bigwigs like Bitcoin and Ethereum. This was probably the reason why the CMF had climbed to its highest in over a month. Dash’s relative strength index also climbed to positive territory as the cryptocurrency made waves in mainstream departments.

Elon Musk Tweets in Support of Bitcoin Proponent Jack Dorsey

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In a wake of recent reports that seeks Jack Dorsey’s replacement from the post of CEO at Twitter, Elon Musk defended Jack Dorsey, saying, he supports Jack, adding he has a good heart.

Jack Dorsey who is actively involved in building Bitcoin as internet currency has recently been criticized by a key investor of Twitter, Elliott Management. The news comes in a wake of recent bashing reports on Twitter due to the platform’s inability to suppress hateful tweets and misinformation. More so, CEO Jack Dorsey was also been criticized for his major involvement with his other company, Square Inc.

The crux of the matter is that CEO Jack Dorsey is actively involved in encouraging the adoption of Bitcoin and making it even simpler to use. In fact, Jack has foreseen the future of Bitcoin in Africa and henceforth wants to stay there for several months, continuing his personal advocacy of the cryptocurrency. As a result, a large community thinks that Jack is splitting his duties of CEO at Twitter with his other company, Square, a payment firm.

“Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid-2020. Grateful I was able to experience a small part. Jack tweeted in Nov 2019”

While the reports surfaced on the web and social media, alleging Jack and debating on his dual CEO position, Elon Musk tweets in defense of Jack Dorsey. Musk besides supporting Jack also teased the crypto community by posting a picture of dog and writing “Dogs rock… they have the best coin”. To note, Musk previously called Dogecoin, a dog meme coin as his favorite currency.

More so, Elon Musk tweet got the attention of Binance boss, Changpeng Zhao who then quoted it and showed he too support Jack. CZ supplements his claim, saying, “he (Jack) has good taste #Bitcoin”, the largest cryptocurrency which is currently trading at $8867 against USD. At the time of reporting this, Bitcoin is surging by 1.52 percent within the past 24Hrs.

Bitcoin ATMs Surge In January As Bull Market Sheds Positive Light

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The concept of cryptocurrency adoption has been appealing to the community for a long time now. This feeling has also been propelled by the developments and updates in the industry.

Statistics have now shown that the adoption of Bitcoin has been on the rise due to a number of its peripherals gaining significant traction across the globe. Bitcoin ATMs have become all rage, and global numbers have started to grow.

According to sources, new Bitcoin ATMs were being set up in cities across several regions. Many of these were for convenience but some have also felt the need to showcase how user-friendly and efficient a Bitcoin ATM is.

More than 400 Bitcoin ATMs were set up all over the world in January 2020. This influx in interest, as well as the capital, was the main reason why the total number of Bitcoin ATMs was closing in on 7000.

The increase in the number of Bitcoin ATMs comes at a time when the price, as well as the market cap of the coin, has gone up since 2019. Bitcoin and its compatriots have had a great start to 2020 and the increased ATMs was an effect of that phenomenon. There were some period highs in the middle of 2019 but that had waned once the bear market started towards the fag end of the year.

Statistics showed that at the start of this year there were only 6377 ATMs present around the world. In a month’s time, the number of new machines set up jumped to 432 while the number of ATMs closed was 104. These numbers showed a 5.1 percent increase in  Bitcoin ATM space.

Since Bitcoin’s inception, the community around the cryptocurrency has grown by leaps and bounds. That has been evident in the number of companies foraying into the Bitcoin ATM space. Genesis Coin has the most number of ATMs with 16, followed by General Bytes with 62 machines. Several companies such as Coinflip Bitcoin ATMs and Bitcoin Depot that made news for installing completely new machines.

The United States has naturally taken the lead in the Bitcoin ATM sphere as the region was targeted by several fintech companies. In January, 325 new ATMs were installed in the US while five were added in Canada. The United Kingdom came in third place with two new ATMs in January. At the same time, some countries also saw a loss in the number of machines.

Austria reported that three ATMs were decommissioned in the country while the Netherlands shut down two locations. Other than Bitcoin, these machines also support cryptos such as Bitcoin Cash and even Dogecoin. BCH has become an ATM friendly crypto after the number of BCH supported ATMs increased by 4 percent in the last month.