Dogecoin Current Price (9/27/2021 at 6PM ET): $0.2032 (-1.74%)
Breaking news: 1 doge is still 1 doge, indicating stronger stability than the USD.
Dogecoin has been trading mostly sideways and very stably over the past 24 hours with the range been between a low of $0.2005 to a high of $0.2093 for a range of $0.0088 or 4.4%. This range is less than half of the range dogecoin traded between in the previous 24 hours. Volume has dropped significantly, with $862M in 24-hour trading volume compared to $1.141B in the preceding 24 hours, a 24% volume decrease over the last 24 hours.
Analysis: Dogecoin has been extremely flat overall in the last 24 hours. Decreasing volume and range indicate that dogecoin activity is slowing, and buying pressure as well as selling pressure is drying up. This means that the market is mostly HODLing and waiting with cash on the sidelines. $0.20 support appears even stronger than the previous 24 hours, with dogecoin not dropping below $0.20 at all. Dogecoin is chilling, and the MACD magnitude has flattened even more, indicating that dogecoin is sitting with strong support and in line with its longer-term averages.
Prediction: Dogecoin continues to consolidate in the wider range between $0.19-$0.21, although now it has been between $0.20-$0.21. The floor appears stronger, but both the bears and the bulls seem to be relaxing. Neither side seems to be applying much pressure, with neither side seeming to be in a hurry to buy or sell. I still think that the $0.25 level is a very strong psychological near-term target, and dogecoin will continue moving towards it. Dogecoin remains a strong and safe value buy, but more volume pressure will be needed to change the price significantly. Dogecoin seems safely parked at its current price, which may frustrate those seeking to make a quick gain. I am expecting dogecoin to retain a single-digit range percentage over the next 24-hours. The volume chart will likely be the most important to watch, as less than $1B has traded hands in the past day so any significant buying or selling pressure will likely move the bid/ask line significantly.
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/
