Dogecoin Current Price (9/29/2021 at 7PM ET): $0.1972 (-0.42%)
Another day, another Doge. Dogecoin is down 0.42% while BTC drops 0.82%, further showing Dogecoin's strength as a stable store of value.
Dogecoin has been trading very sideways and very stably over the past 24 hours with the range been between a low of $0.1946 to a high of $0.2039 for a range of $0.0093 or 4.8%. This range is slightly higher than the 3.6% range it traded the day before, but it remains a low single-digit range. Volume has risen somewhat with $929M in 24-hour trading volume compared to $871M in the preceding 24 hours, a 6.6% volume increase over the last 24 hours. However, on an absolute scale for dogecoin, sub-billion dollar daily trading volumes are very low.
Analysis: Dogecoin has been very flat and stable overall in the last 72 hours. 24-hour volume remains below $1B and trading ranges remain low single-digits, but they both remain consistent and indicate a calming and quiet poise in the bear and bill camps. People are not FOMO buying, and people are not panic selling. This means that the market is HODLing onto dogecoins and dollars in anticipation of bigger volumes and movements in either direction. Whether this is due to concerns about the debt ceiling or waiting for paychecks to hit in a few days is unknown, but the market is experiencing the opposite of a frenzy of activity. Dogecoin continues to hug the $0.20 line tightly despite larger swings and volatility in the crypto and stonk markets. Dogecoin continues to stay in line with longer-term averages and is depressing the magnitude of the MACD, possibly showing that the market finds $0.20 for a doge to be a fair trade.
Prediction: Dogecoin continues to exist in zen monk mode within the range between $0.19-$0.21 where it has not left from for several days. There doesn't seem to be FOMO or FUD pressure on either side, mostly just patience without much rushing into buying or selling. The nearest psychological levels are 10 cents and 25 cents, and dogecoin seems much more likely to slide upwards to $0.25. Dogecoin remains a strong and safe value buy, possibly even safer and stabler than tether. Without much volatility, Dogecoin appears to be less and less attractive as an option for daytraders and scalpers, possibly indicating its transition as a longer-term investment and store of value. With rumors of a robinhood wallet and integration with AMC as a payment option, the future seems to be getting much more exciting and promising for Dogecoin.
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 watch since less than $1B has traded hands each day over the last 3 days so any significant buying or selling pressure will likely move the bid/ask line a lot.
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/
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