Dogecoin Current Price (10/2/2021 at 3PM ET): $0.2235 (+3.01%)
Breaking news: Dogemas continue the rally back towards 25 cents as volume continues growing.
Dogecoin has been trending upwards, climbing steadily from 20 cents to 22 cents over the last 48 hours, ranging from a low of $0.2118 to a high of $0.2251 over the last 24 hours for a range of $0.0133 or 6.3%. This range remains a low single-digit percentage range, indicating that the price action is not due to volatility but rather steady support. Volume has risen relatively with $1.250B in 24-hour trading volume compared to $929M in the preceding 24 hours, a 34.5% volume increase over the last 24 hours.
Analysis: Dogecoin has been stably trending upwards over the last 72 hours. 24-hour volume has finally broken out above $1B and trading ranges remain low single-digit percentages, indicating strong support and increasing interest. The tug of war seems to be slowly shifting towards the bulls. People are not FOMO buying, and people are not panic selling, but people are consistently investing with more confidence. Dogecoin is now in the no dog's land between $0.20 and $0.25, and with continued support will likely be able to reach the $0.25 psychological support level soon.
Prediction: Dogecoin is beginning to levitate upwards out of the $0.19-$0.21 range where it found itself for over a week. There doesn't seem to be FOMO or FUD pressure on either side, but after showing strong and unwavering support investors likely had their fears quelled and are stepping back into the ring. The nearest psychological levels are 10 cents and 25 cents, and dogecoin seems much more likely to continue moving upwards to $0.25. Without much volatility, Dogecoin appears to be less and less attractive as an option for daytraders and scalpers, which helps to ensure that hodlers are there for the longer-term investment and store of value.
I believe dogecoin will continue to trade within a single-digit percentage range percentage over the next 24-hours. The volume chart remains likely to be the most critical metric to watch since it has moved past $1B but needs continued buying pressure to sustain a rally. Doge to the moon.
Chart and Data Sources:
Price Data - Kraken
Simple Chart: https://www.kraken.com/en-us/prices/doge-dogecoin-price-chart/usd-us-dollar?interval=24h
Detailed Chart: https://trade.kraken.com/charts/KRAKEN:DOGE-USD?period=15m
Volume Data - CoinMarketCap
Summary Page: https://coinmarketcap.com/currencies/dogecoin/