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The current market cap for Dogecoin is $1,639,121,441 USD. The price of Dogecoin has fallen from $0.0045 USD per Dogecoin on July 15th to its current price of $0.23 USD per Dogecoin. This is a 98.44% decrease in value.
Summary of the situation- An analysis of DOGE prices shows Elon Musk’s change of allegiance to another meme currency.
- Tesla CEO shows affection for baby Dogecoin after leaving Dogecoin.
- Dogecoin is fluctuating in a narrow range of $0.231 to $0.25.
- A daily close above the $0.290 resistance level will trigger an upward move, while a daily close below the lower $0.231 level will push the price down to $0.215.
The price of Dogecoins is currently in a tight range as traders rush to buy a new dog-themed crypto asset, the Baby Doge Coin. This narrow price range for Dogecoin seems to echo what other altcoins are experiencing. This is a result of the declining interest in these crypto assets.
DOGE price analysis: Price Overview
Although Elon’s relationship with DOGE started a long time ago, the billionaire seems to have changed his attitude towards the crypto asset. Elon recently announced his admiration for his new favorite, the Baby Doge Coin. As if the news of his new love wasn’t enough, Elon expressed his admiration for the new currency on Twitter, dashing any hopes of Dogecoin’s rapid growth.
Although it has nothing to do with an old dog-themed crypto currency, the Baby Doge Coin is a younger, newer version of DOGE. In the past 20 days, the market value of the new crypto asset has increased by more than 4,300%. Baby Doge Coin currently has a market capitalization of approximately $325 million. This isn’t the first time Elon has switched from one crypto asset to another. In late June, Tesla’s CEO mentioned SHIB, another dog-themed game that competes with DOGE.
For crypto assets like Shiba Inu and Dogecoin, social media hype dictates their market value. Amid a decline in the overall crypto currency market, dog-eat-dog crypto assets are struggling to consolidate above critical support levels.
Dogecoin price movement in the last 24 hours
Dogecoin is currently trading between two critical levels, $0.239 and $0.251. If the cryptocurrency races past the $0.231 support level, it will mark the beginning of significant bearish momentum. However, if Dogecoin closes decisively above the 4-hour candles at $0.270 and $0.285, the crypto could initiate a price rally.
Assuming the DOGE price breaks through the $0.230 demand barrier, market participants should expect a 10% increase towards the $0.254 level seen earlier this month. If the buying spree continues, Dogecoin is likely to reach the $0.270 price. If this happens, the next likely target will be the $0.29 price level. However, pricing outside of this range would be questionable. Market participants should therefore expect the current consolidation to continue for several days, if not weeks.
Graphical Dogecoin 4 hours
Source: TradingView
According to the critical technical indicators on the 4-hour chart, traders should stay away from DOGE due to the ongoing consolidation phase. Currently, it is difficult to determine whether crypto currencies will rise or fall. A daily close below $0.231 or above $0.29 will show us the overall trend of the dogcoin.
Supplement
On the other hand, if the $0.231 support level is broken, Dogecoin’s price action could head towards the $0.219 area. If the downtrend continues, Dogecoin’s demand levels of $0.210 and $0.195 could be tested again. At the time of writing, the cryptocurrency market appears to be in a bearish state, as the number one cryptocurrency, bitcoin, is currently in a bearish state.
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