In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Volume, Support and Resistance.
DogeCoin (DOGE) technical analysis:
Trade setup: Rejected at $0.30 and broke below 200-day MA. Entered a Downtrend. Aggressive traders could Short-Sell on a bounce to 200-day MA resistance. Forecast: $0.16. (set a price alert)
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance: Nearest Support Zone is $0.20, then $0.16. The nearest Resistance Zone is $0.30, then $0.40. Price has been respecting the 200-day MA as a dynamic support level.
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What is DogeCoin (DOGE)?
Find full description and news on altFINS platform.
Dogecoin is a playful cryptocurrency popularized by adopting the Shiba Inu internet meme.
Dogecoin is a meme cryptocurrency with the internet-famous Shiba Inu canine breed as a mascot. The project was introduced on Twitter by Jackson Palmer on November 27, 2013 when he tweeted about “investing” on “Dogecoin”, a made-up name. Some of Palmer’s friends encouraged him to create a real project, so he registered dogecoin.com and started working. Billy Markus saw the website and reached out to Palmer. Markus and Palmer thought Dogecoin would make the cryptocurrency space more palletable to newcomers since, as they built the protocol, Bitcoin was beleaguered by associations with Silk Road and dark web. Palmer exited the project and community in June 2014 by tweeting, “Unsubshibing. Peace.” Unlike a variety of other altcoins launched in 2013 and 2014, Dogecoin has proved itself surprisingly resilient to crypto-asset market cycles, which is speculated to be the result of meme durability.
Dogecoin is a fairly-launched coin based on the structure of an existing project, Luckycoin, which itself is a code base fork of Litecoin, and arguably enjoys one of the most decentralized peer-to-peer networks after Palmer left the project. New blocks are added to the chain every 60 seconds, on average. It uses scrypt hash function for its proof-of-work consensus mechanism. The scrypt algorithm was specifically designed to make it costly to perform large-scale, custom-hardware attacks. At launch, it was mine-able on personal computers, which was attractive to cryptocurrency enthusiasts during a time when Bitcoin mining was increasingly industrialized and capital intensive. Dogecoin has no formal white paper, although several fans have written blog and forum posts as stand-in explainer documents.
Supply Curve Details
Dogecoin DOGE tokens are produced by mining blocks, which rewards miners a randomized quantity of coins. The randomization range halved every 100,000 blocks. Palmer originally capped the DOGE token supply at 100 billion. But in February 2014, the cap was abolished and an unlimited amount of DOGE can be created, shifting the cryptocurrency from a deflationary to an inflationary supply model. The block reward is now fixed at 10,000 per block, with one block being mined every one minute.
Asset profile is provided by messari. Original version can be found at Messari