Dogecoin showed no noticeable sign of bursting or going under in the last month or so. It rose to the highs of July of $ 0.003950 / 53 satoshi on the 19th after the announcement of the interest of Coinbase. Since then, DOGE has continued to bleed slowly, dropping to $ 0.002940 / 38 satoshi on 31 st . The month of August began with more or less the same, since the currency reached monthly lows of $ 0.002159 / 36 satoshi around 14 . Since then, DOGE is doing well, probably trying to find extra stability for the BTC before making a move.
Doge is currently sitting at $ 0.002382 (0.15% increase in the last 24 hours) / 37 satoshi (75% decline in the last 24 hours). The daily trading volume of 1,230 BTC is mainly concentrated on YoBit (30%) and BtcTrade.im (18%). A market capitalization of $ 279,799,864 makes DOGE the 33 rd most valuable cryptocurrency on the market.
ForecastCity from TradingView provides an overview of the Dogecoin TA:
"DOGECOIN / DOLLAR is in a limited range and it is expected to start a bullish trend.The price is lower than the 21-day WEMA which acts as a dynamic resistance The RSI is at 40. While the RSI and the downward trend in prices in the daily chart are not broken, the wave of downward prices will continue .
There is the possibility of temporary retracement to the suggested support area (from 0.0023 to 0.0015), in which case, operators can set orders based on price action and expect to reach short-term objectives
Entry area start (0,0023)
Entry area end (0,0015) "
Dogecoin has recently started to show why a" meme "currency tag does not mean currency is useless. Looking back on last month, Doge was one of the best currencies for storing values (other than that of Tether and similar stablecoins of course) and is apparently very close to finding the actual current price in this bear race (if it did not find already). Basically similar to Bitcoin in terms of the currency of mines (the difference is that it uses the Scrypt mining algorithm), Dogecoin's main goal is to become a widely accepted daily trading currency.
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Of course, in order for this plan to work, Doge will need a broader general adoption, both in terms of base users that of merchants who will accept it. The recent addition to Robinhood will certainly help the currency gain more liquidity and increase user demand. The currency could reap great benefits, at least from the price point of view, with potential additions to Binance or Coinbase, as somehow surprisingly its trading is not yet supported by either. Coinbase recently announced that Doge will be considered part of its Coinbase custody line; following the old "if there is smoke, there is fire", it would not be far-fetched to think that one day Dogecoin could end up on the Coinbase trading platform.
All these places of purchase will be useful to people trying to enter the crypt (and Doge) all over the world. Because the currency maintains its reliability, people at financial risk from countries such as Turkey or Venezuela could turn into Dogecoin as a stable place to keep their value safe. At the same time, a market on which they will be able to spend their DOGE and purchase the necessary goods will be an integral part of the equation.
The list of traders who support purchases of Dogecoin grows … not all day, but is still evolving. For now, markets like BitcoinShop, GamerzHeat, Strange Donuts, BitBurgers and many others have officially confirmed their intention to let people pay for their goods with Doge. BitRefill, a platform that allows users to purchase Amazon giftcards, has recently confirmed currency support. The DogeRacer game we have already talked about is slowly moving into its development and will be another part of Doge's growing market.
Overall, the story remains the same with Dogecoin. This is an economic and reliable currency that could significantly increase if / when another bull run occurs and if / when broader adoption is adopted. The currency is out of its historical highs, both in BTC (300 satoshi) and in USD ($ 0.01), so there is certainly room to grow. Naturally, the currency could also fall; since DOGE is currently worth about 40 satoshi, if you have invested at this time the currency must only lose 10 satoshi for your wallet (assuming it is all DOGE) to fall by 25%. So to say that investing in such a cheap meme currency is a smart idea, it probably would not be true. But at the same time, there are many worse ways to spend your money on crypto rather than spending it on Dogecoin.
CapitanAltcoin writers and authors may or may not have a personal interest in any of the projects and activities mentioned. None of CaptainAltcoin's content is an investment advice nor a replacement for the recommendations of a certified financial planner.