Does Dogecoin Get Affected by Kabosu’s Passing? DOGE Price Analysis
With Kabosu, the adorable Shiba Inu who inspired the Doge meme, no longer with us, people are curious about how it will affect Dogecoin. Kabosu was the face of this famous cryptocurrency and had a significant influence. However, will the Doge meme’s legacy still play a role in driving DOGE’s success in the world of crypto? Let’s delve into the possible impact on Dogecoin’s future.
Dogecoin (DOGE) is a cryptocurrency that is open-source and based on the “doge” Internet meme. Dogecoin’s logo features a shiba inu dog.
The Dogecoin cryptocurrency was first forked from Litecoin in December 2013, and was named after the popular dog meme. Elon Musk, CEO of Tesla, has said in multiple tweets that DOGE is his favorite cryptocurrency.
Dogecoin’s Technicals
The price is consolidating within a rising wedge chart pattern. We need to wait for a breakout above the horizontal resistance zone to confirm an upward movement. If the price breaks below the wedge support trendline, it could indicate a downward movement.
The current chart of DOGE/USDT shows the price is currently in an uptrend , waiting for a confirmed bullish breakout from ($0.13- $0.17) the wedge and surpassing the resistance at $0.17.
This indicates a potential uptrend continuation with a 25% upside to $0.17 next.
Trend traders should wait for a breakout in either direction, usually aligning with the existing trend. Swing traders can take advantage of the range by buying near support and selling near resistance.
The momentum is bullish as the MACD line crosses above the MACD signal line. Currently, the price is not overbought or oversold, as indicated by RSI-14 levels (RSI > 30 and RSI < 70).
Support and resistance levels: The nearest support zone is at $0.13, followed by $0.11. The closest resistance zone is at $0.17, then $0.20.
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Price Analysis
As of 28 May 2024, Dogecoin (DOGE) is priced at $0.1644, and its 24-hour trading volume stands at $1,297,821,246.19. Over the past day, the price has dropped by 3.18%, and in the last 7 days, it has declined by 2.41%. With a circulating supply of 140 Billion DOGE, the market cap of Dogecoin is valued at $23,740,246,943.
Price History
DOGE has been on a negative trend from the past week, with a -2.41% drop.
Over the past month, DOGE has risen 10.1% to where it is today. This rapid increase means that DOGE can become a safe investment right now if it keeps going up.
The all-time high price for Dogecoin was $0.7316, reached on May 08, 2021 (around 3 years ago). In comparison, the current price is 77.48% lower than the highest recorded price.
On the other hand, the all-time low price for DOGE was $0.0000869 back on May 06, 2015 (almost a decade ago). Right now, the current price is a whopping 189,461.62% higher than that record low.
Price Prediction
The price of DOGE in the month of June 2024. The minimum trading price is $0.142 while the maximum price is expected to be $0.165. On average, the price of Dogecoin is expected to reach $0.154 during this month. The potential return on investment is estimated to be 2.4%.
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Conclusion
Dogecoin (DOGE) is currently priced at $0.1644, indicating a positive trend in the market. It is showing bullish momentum and has the potential to rise further. If it breaks above $0.17, there is a possibility of a 25% increase in value. The price is currently balanced and not excessively high or low. The nearest support level is at $0.13, while the resistance level is at $0.17. Traders should keep an eye out for a breakout to confirm the market direction. If the trend continues, investing in DOGE could be a good option. However, it is important to always consider the risks involved and set appropriate stop-loss levels.
