Dogecoin is a decentralized, peer-to-peer digital currency based on the popular “DOG” meme. The stability of any Dogecoin is highly dependent on market demand. It can be subject to rapid and significant fluctuations, so it is not possible to hoist one above the other in the crypto markets is impossible. However, DOGE is the only token to find a ranking amongst the top ten with a market capitalization of $12,245,558,099 and counting.
DOGE was created in 2013 by programmers Billy Markus and Jackson Palmer created as a joke to be a lighthearted alternative to other cryptocurrencies like Bitcoin. Dogecoin has been used for charitable causes, such as fundraising. The explosive breakout in its popularity came in 2021 after getting an endorsement from celebrities like Elon Musk.
The value of Dogecoin, like all cryptocurrencies, is determined by market supply and demand. It is not backed by any government or central authority, and its value can be highly volatile. In other words, the real value of Dogecoin is what people are willing to pay for it at any given time. DOGE has managed to hold on to its gains in the last 30 days and attempts to create fresh highs with each swing.
Dogecoin price action has been moving consistently upwards in a narrow parallel channel, indicating a positive uptrend momentum. The formation for higher highs and higher lows with each ending swing showcases consistent participation by buyers to rally the token above the previous levels. The price action of Dogecoin is technically trading at an RSI level of between 70 and 50, which indicates a positive direction and not overbought zones. With each swing, MACD comes closer to the point of bearish crossover but manages to avoid the crossover with the thinnest of margins. Read our DOGE price prediction to know if the token can stay bullish for a longer period.
Based on the previous swing low of $0.0902, the current swing low has been $0.0905, and a turnaround is expected to take the token value above the recent high of $0.1000. The immediate resistance for Dogecoin based on previous rejections is active and untouched at $0.1077, and an even stronger resistance blocks the path to its previous highs of $0.1267.
On closer look, the price action near $0.09 has been developing as short-term support. As this value indicates a price above the 200 EMA curve, the outlook of Dogecoin in the short term is highly positive. If the support of 200 EMA is breached, there could be a negative trend breakdown or consolidation with the intent of breaking out at a higher MACD crossover.
Sellers are quickly taking advantage of the price band from $0.09. Buying at current levels would be highly conducive for the DOGE prices as there is limited risk to the impending reward possibilities shown on the charts.