DogeCoin (DOGE) Analysis

5 min read March 27, 2024
Richard Fetyko

DogeCoin (DOGE) Analysis

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: Price is in an Uptrend. After a brief consolidation in a Bullish Flag pattern, price has broken out (bullish) in the direction of the existing Uptrend, and could revisit $0.20 or higher. Stop Loss (SL) level at $0.16. (set a price alert).

Pattern: Bullish Flag pattern. Short term small rectangle trading range between diagonal parallel lines. It moves counter to the prevailing price trend observed in a longer time frame on a price chart. It forms typically following a sharp advance and often indicates a small change in direction (or areas of consolidation) before the previous trend resumes. Flag pattern is among the most reliable continuation patterns that traders use because it generates a setup for entering an existing trend that is ready to continue. Trade is initiated on a breakout, if it is in the same direction as the prevailing trend. Also, with bullish flag patterns, traders prefer a breakout with an increase in volume but it isn’t a must.

Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).

Momentum is Bullish ( MACD Line is above MACD Signal Line and RSI is above 55).

Support and Resistance: Nearest Support Zone is $0.110, then $0.075 – $0.080. The nearest Resistance Zone $0.200, then $0.250.

DogeCoin_Tether_2024-03-27_20-54-33See live DogeCoin (DOGE) chart here

See more curated charts with technical analyses of coins.


Recent news and research:

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(Jan 14, 2022) Tesla to accept DOGE for merchandise payments

(Dec 28.2021) Planning for Better Breed of DOGE: Dogecoin Foundation Lays Out First-Ever Road Map

Dogecoin is better than Bitcoin for payments, Elon Musk declares

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Just 3 dormant addresses are behind 6% of Dogecoin (DOGE) market cap

New Dogecoin (DOGE) update has this key ‘merit,’ says Elon Musk

Coinbase to list DOGE on June 3rd

Elon Musk’s latest Dogecoin ‘trolling’ isn’t impressing the crypto community

DOGE Lost ~30% following Elon Musk’s Saturday Night Live Appearance

Galaxy Digital – DOGE, the most honest sh*tcoin

Find more real-time news here.

 

What is DogeCoin (DOGE)?

Find full description and news on altFINS platform.

Overview

In 2013, Dogecoin (DOGE) was developed as a fun alternative to established cryptocurrencies like Bitcoin. The Shiba Inu emblem and moniker are based on a meme. Dogecoin is purposely abundant in contrast to Bitcoin, which was created to be scarce. Its supply is unlimited, and 10,000 new coins are mined every minute.
For the most of its existence, Dogecoin was viewed as a funny “memecoin” that was adored by its community, but with just marginal value. That all changed in 2021: even though each individual coin is only worth a few cents (see the current price), Dogecoin is now among the top ten most valuable cryptocurrencies by market cap, with a total value that has exceeded $50 billion.

Dogecoin (pronounced “dohj coin”) was developed as a humorous, low-stakes alternative to Bitcoin; abundance is a major component of the concept. Doge attracted a passionate online community as soon as it was introduced in late 2013; this community has used DOGE for everything from paying strangers for insightful Reddit comments to funding the Jamaican bobsled team’s trip to the 2014 Winter Olympics in Sochi.

Why does Dogecoin have value?

The market values DOGE similarly to any other asset based on supply and demand. Given the massive and expanding supply, a tremendous increase in demand was required to push prices as high as they have recently.
Prices increased by around 7,000 percent in the first quarter of 2021 as a result of retail investors on Reddit (including the wallstreetbets subreddit that gave rise to the “memestock” craze), the wider crypto boom, and months of tweets from Tesla founder Elon Musk that appeared to be made in jest, culminating in his appearance on Saturday Night Live in May 2021.

In 2021, rapidly rising DOGE prices received a lot of media attention (as well as social media posts), which briefly started a cycle that attracted new investors and raised prices even higher. FOMO (or “fear of missing out”) attracts a flood of new traders whenever an asset experiences such astronomical increases. DOGE is still a very volatile cryptocurrency, thus there is no way to predict whether its value will rise or fall in the future.

From where did Dogecoin originate?

Software developers Billy Marcus and Jackson Palmer, pals from Reddit who had never met in person, created Dogecoin as a prank in late 2013. They blended two then-currently-trending topics in their online community: the burgeoning digital currency Bitcoin and a meme depicting a Shiba Inu and the misspelled word “dog.”
To the astonishment of its inventors, Dogecoin became popular almost right once, with dogecoin.com having over a million visitors in its first month. Dogecoin’s status as a full-fledged cryptocurrency with its own blockchain and a mining method akin to Litecoin’s contributed to its comedic appeal. Due to its historically cheap prices (for long of its existence, DOGE could be purchased for pennies or less) and abundance, it has recently drawn the attention of investors anticipating that its value will increase.

About altFINS

altFINS is the best crypto analytics platform. The platform will help you find the right crypto trading opportunities. You can search for coin in Uptrend, with Momentum or Breakouts. It’s is great for advanced traders but also for beginners to learn basics of technical analysis in Crypto trading Course or in Curated charts or Chart pattern sections. But also more advanced traders can create their own Screens and Alerts of coins with different trading strategies.