|Market Cap||$10.64 billion|
|Circulating Supply||132.67 DOGE|
|Total Supply||132.67 DOGE|
|Vol (24H)||$874.39 million|
Dogecoin price surged remarkably in the past couple of days after an extended consolidation for a couple of months. Woefully, DOGE price fell an inch short to rise beyond the consolidation and faced a minor rejection. Currently, the price is trying to regain the bullish momentum and may rise beyond the resistance, nullifying the bearish impact of the descending triangle.
In the second half of August 2022, the asset is expected to intensify its volatility and attempt to maintain a firm upswing. While the technicals and the chart patterns are in favour of the bulls, the price may rise and hit the initial target at $0.096 and further try to surpass $0.1 by the end of the month. If the trade turns bearish, a slight pullback below $0.095 may be expected for a short time frame.
Dogecoin price rally has thrived for a long time, but in an inverted manner, heading towards the south. After losing more than 90% of its gains in the past year, the possibility of a steep recovery has been diluted.
Mainly due to the reason that each upswing has resulted in a significant price drain forming new lows. Therefore, it is much expected that the current upswing may also result in a notable price drain in the coming days. However, a strong rebound may prevent the asset from draining towards the lower support.
|Short-Term||The price is maintaining a significant ascending trend and may reach the upper resistance in the next couple of days|
|Mid-Term||The DOGE price is consolidating along the upper resistance and hence displaying huge possibilities of breaking out towards the north soon|
|Long-Term||The asset has consolidated enough along the lower support and presently trying hard to rise high|
|Indicator||Value (STF/HTF)||Action (STF/HTF)|
|Relative Strength Index(RSI)||55.52 / 41.63||Buy / Sell|
|MACD||0.002 / -0.023||Buy / Sell|
|Average Directional Index(ADX)||33.94 / 27.60||Sell / Buy|
|Ultimate Oscillator||48.73 / 49.17||Sell / Neutral|
|Bull-Bear Power||-0.002 / 0.0041||Sell / Buy|
|Moving Average||Short Term||Long Term|
The technicals are currently in favor of the bears in all the time frames and hence the DOGE price is expected to drop harder in the coming days. While RSI is Neutral in STF & bearish in HTF, a clear descending trend is witnessed ahead. On the other hand, the MACD is flashing a sell signal in the long term.
Overall, the Dogecoin asset is less volatile in the short term indicating a steady trend regardless of the direction. Therefore, the asset may reach the present cycle highs and eventually drop hard in the long term.
Additional Read: Dogecoin Price Prediction
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Dogecoin may be significantly bullish in the short-term but in the longer term the asset is pretty bearish.
The RSI for DOGE in the short-term is 55.42 while in the long-term it is 41.63
Dogecoin price is heavily consolidating along lower support and hence is expected to rebound in the coming days. Therefore, Dogecoin may be a good investment considering the current market conditions.