Dogecoin Current Price (11/29/2021 at 12AM ET): $0.2051 (+2.97%)
Breaking news: Miraculously, 1 Doge still equals 1 Doge.
Dogecoin has been trending sideways to upwards lately, ranging from a low of $0.1917 to a high of $0.2086 over the last 24 hours for a range of $0.0169 or 8.81%. This range remains a single-digit percentage range, indicating that the price action is not due to volatility but rather steady support. 24-hour volume is at $932M compared to $970M the day before, a 3.91% decrease. With volume declining slightly but the price rising slightly, it indicates that people are not selling and more are hodling.
Analysis: Dogecoin has been stably trending sideways over the last 72 hours. 24-hour volume has been decreasing from 2.4B three days ago, 1.3B two days ago, 970M yesterday, and now 930M today. With the volume drying up, it seems that sellers are slowing down and buyers are waiting either for another surprise dump or an upward trend to fomo into. The two sides seem more comfortable either hodling their doge or hodling their cash. However, the 20 cent line seems to be forming a strong floor, but a rise in volume will be needed to break doge out back to 25 cents.
Prediction: Dogecoin is forming a stalemate around 20 cents, bounded once again by 19 cents below and 21 cents above. The nearest psychological levels are 10 cents and 25 cents, and with a strong floor showing around 20 cents, investors are likely to feel comfortable buying more between 20 and 25 cents and dogecoin seems likely to move upwards to $0.25. With volume dropping, Dogecoin appears to be less and less attractive as an option for daytraders and hodlers of cash and doge seem to be relaxing. The volume chart remains likely to be the most critical metric to watch since it remains below $1B. More buying pressure is likely needed to sustain a rally, but this low volume will likely be enough to rise to 21 or 22 cents alone over the next couple of days. 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/
