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Dogecoin Price Analysis: DOGE one of the best performers despite the general bearish mood in the market

Dogecoin Price Analysis

TL;DR Breakdown

  • Dogecoin price analysis highlights DOGE’s 6 percent gain in the past 24-hours.
  • Thursday’s early morning trading session saw Dogecoin register positive price actions.
  • Dogecoin is working to reduce fees by 90 percent.
  • Dogecoin is holding above the $0.23 support range.

Dogecoin registered positive price movements on Wednesday and other crypto tokens, appreciating by over 15 percent in gains.

Dogecoin Price Analysis: General price overview

Dogecoin’s most recent price rally from the $0.16 immediate support region saw the crypto coin regain lost ground above the $0.2 mark. Despite this, Dogecoin bulls failed short of pushing the crypto coin past the $0.25 mark.

Apart from this, Dogecoin programmers have been working round the clock to enhance the network. According to Elon Musk, Tesla CEO, Dogecoin is working on a new fee reduction upgrade that strives to optimize the dog-themed blockchain network. According to the plan, Dogecoin is pushing to reduce transaction fees from 1 Dogecoin token to 0.1. If this goes through, Dogecoin’s blockchain would have one of the most cost-friendly payment platforms. Furthermore, this is destined to positively affect the price of the crypto-token, as more people will end up using the platform.

At present, Dogecoin node operators, miners, and community support need to agree for the upgrade to be effected. Further down the road, Elon Musk and Dogecoin programmers intend to introduce even lower transaction fees at the scale of 0.01 DOGE.

Dogecoin price movement in the past 24 hours

In the past 24-hours, Dogecoin’s price action has been recording positive price movements, recovering by about 6 percent during today’s early morning session. At present, the crypto coin is trading at around $0.238. Despite the recent positive price movements, the leading dog-themed crypto asset has lost more than a quarter of its value over the past few days.

This unfavorable price movement in Dogecoin and other crypto-assets across the market was initiated by the media report about China cracking down on crypto miners. The leading province affected by this ban is the Sichuan region, an area famous for its crypto mining activities. The news came when Bitcoin, Dogecoin, and other crypto-assets were under strict regulatory scanning across the world.

Despite this, the meme-themed crypto-asset bounced back following the pioneer altcoin‘s price recovery, Ethereum, which appreciated past the $2,000 price level. However, Ethereum has since reverted under this price region once more.

Meanwhile, Bitcoin’s downward price movement appears to be on hold for now, despite market pundits being torn between the projection of further downtrends and price recovery. In the event of a price upsurge, investors could see the number one crypto coin move upwards towards the $35,000 mark.

Dogecoin 4-hour chart

Dogecoin Price Analysis: DOGE one of the best performers despite the general bearish mood in the market 1
Source: TradingView

While the meme-coin managed to register positive price actions earlier today, many market participants doubt its ability to form a bullish picture in the next few hours. Until the entire crypto market turns green again, any price surge in Dogecoin or any other crypto token is likely to be short-lived. At present, the crypto market is currently experiencing high volatility in the near term. For instance, on Dogecoin’s 4-hour chart, most critical technical indicators, such as the momentum indicator and the long-term moving averages, paint a bearish picture. On the other hand, the Moving Average Convergence Divergence (MACD) and the smaller moving averages project a short-term rally in the making.

Conclusion

For Dogecoin to confirm its brief price rally, the crypto coin has to close the day above the $0.24 price region and probably settle around the $0.28 region. Unfortunately, the prospect of this happening remains low as the bearish mood appears to be powerful.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

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