The Dogecoin token (DOGE) has been on a rollercoaster ride over the past few weeks. The cryptocurrency started off with a bang and rocketed to highs of $0.73, but quickly plummeted in value and found support at its 100-day moving average. DOGE trying to bounce back up again today when it broke through the support of 50-Day moving average, reaching towards 50-DMA support back.
Dogecoin token (DOGE) is trading at $0.32 as of this writing, which takes it up to a total market cap of $42,462,786,842. DOGE has seen lows near the 57% from its new all-time high of $0.73 but has been able to hold on and rebound from that support zone. The volatility in value for DOGE is reflective of some major underlying changes happening within crypto markets as well as the general market sentiment that can often sway any given coins’ prices up or down fairly quickly based solely upon how people feel about them instead of their
Trading volume on May 09, 2021, when DOGE was priced around its 100-day moving average volume is recorded as $3,286,931,084. While volume is continuously falling below the average line, it is still holding above the 100-DMA support.
Dogecoin on Technical parameters
The total market cap on May 09th was near around a total of $42,462,786,842 according to CoinMarketCap and this following day has seen steady declines in price as well as other currencies within crypto markets such as Bitcoin (BTC) that have been trading below its 100 and 200-day moving average for some time now with no clear signs of bouncing back from their lows either. The high volatility and uncertainty over what coins are worth investing in or purchasing continue to make it difficult for many people.
RSI is trading flat around 50% indicating that there is no clear momentum to either the upside or downside of Dogecoin. we can expect DOGE token price will be in a consolidation phase before it starts its next leg higher or lower.
MACD gives a mixed sign with a bullish crossover but the histogram is pointing downward which suggests that DOGE token price could see some more downside pressure before any major reversal.