Dogecoin Current Price (9/28/2021 at 5:30PM ET): $0.2003 (-1.07%)
Breaking news: Doge down 1.07%,S&P500 down 2.02%, orange coin down 2.56%. Oh how the turn tables when doge is the stablest asset in the market.
Dogecoin has been trading mostly sideways and very stably over the past 24 hours with the range been between a low of $0.1967 to a high of $0.2038 for a range of $0.0071 or 3.6%. This range is even lower than the 4.4% range that dogecoin traded between in the previous 24 hours. Volume has stayed almost exactly the same, with $871M in 24-hour trading volume compared to $862M in the preceding 24 hours, a 1.04% volume increase over the last 24 hours.
Analysis: Dogecoin has been extremely flat overall in the last 48 hours. Volume has stayed flat and the range has continued to shrink, showing that dogecoin activity is calming down with buying pressure and selling pressure hitting lows. This means that the market is HODLing onto dogecoins and dollars in anticipation of a bigger move in either direction. While dogecoin has spent some time below the $0.20 line, it has stayed within half of a penny of the line in either direction, going up and down about 1/3 of a penny. While the wider markets, both stonks and crypto, have been dumping and hitting more volatility, dogecoin is looking like a stablecoin and has been chilling with a MACD so flat you'd think it was a stepped on big mac. This shows that dogecoin is extremely in line with its longer-term averages and the market is becoming even more comfortable with a $0.20 valuation.
Prediction: Dogecoin seems to be reaching zen mode within the wider range between $0.19-$0.21, with a range within $0.005 of $0.20 over the past 2 days. There doesn't seem to be FOMO or FUD pressure on either side, mostly just patience without much rushing into buying or selling. I think that the $0.25 level continues to be a very strong psychological near-term target for dogecoin to skate towards. Dogecoin is showing itself to be a strong and safe value buy, but more volume will be the key to moving the price mark significantly. Dogecoin seems like it has been frustrating daytraders and scalpers trying to turn quick profits with its minuscule fluctuations. I believe dogecoin will continue to trade within a single-digit percentage range percentage over the next 24-hours. The volume chart will likely continue to be the most important metric to watch since less than $1B has traded hands each day over the last 2 days 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/