Dogecoin, that is believed to have a concurrent momentum with that of the largest cryptocurrency—Bitcoin is now trading amongst the top 50 cryptos of the market. However, it was until the onset of the ongoing year when DOGE was one of the top 30 cryptos of the market. With an almost stagnant movement against the greenback, Dogecoin has now shifted to a position below Maker, Ontology and Compound.
It was just in the earlier week when Bitcoin price was seen trading close to its ATH leading to spurring of the major altcoins wherein Dogecoin edged as high as $0.00429 just to test weekly support as low as $0.00293. It was then when the largest cryptocurrency also pulled back as low as $16.2k and lost a notable amount.
Having said that DOGE holds a concurrent traction to that of BTC, the former lost 31% in 2 days wherein the latter had lost over 15% in one day from $19.5k to $16.2k.
Dogecoin Price Analysis
At the time of penning down Dogecoin analysis, it was seen trading below $0.0035 at $0.00348 after having declined as low as $0.00293 in the previous week. With gain in price of top 50 cryptos of the market, the price trend of DOGE is seen inclining towards the upper BB after gaining 17% in 4 days. With gain in price the coin is retaining complete support from 50-day and 200-day hourly MA at $0.00333 and $0.0032, respectively.
The MACD shows an intersection of MACD line and signal line with a flattish trend after no steep change in price, yesterday and today. The RSI of Dogecoin is also seen slightly slipping from the overbought region and currently lies at 54.99.