Dogecoin, one of the most popular cryptocurrencies on the market, has experienced some unexpected price movement since its inception a few years ago. Doge has outperformed expectations to become among the most valuable coins today. Dogecoin is followed by many traders in the industry, having benefited from the public interest of celebrities such as the billionaire CEO of Tesla, Elon Musk, and business giants AMC, and currently sits at number 9 on the CoinMarketCap ranking. It has consistently absorbed both positive and negative news to become a valuable token with a huge trading volume.
Doge Price Action
Doge has a market capitalization of $34.7 million and is one of the biggest coins in the market. Doge’s daily trading volume is at $4.78 million. Today, dogecoin lost 2.47% against the dollar and currently trades at $0.26. On the daily timeframe, dogecoin has formed a bullish candle that the bulls pushed upward to $0.28 earlier in the day. The market is ranging on the 4H timeframe, giving scalpers ample opportunity to make some quick trades. Doge’s price action has seen the formation of a resistance zone around $0.264 which it has now broken through with a bullish candle on the daily charts. Since the trading volume increased by 44% today, a higher price might see the bullish candle grow stronger with buying pressure.
Dogecoin is expected to gain some more before the day ends. Analysts have predicted a higher surge for bitcoin before it pulls a major retracement. The last time that bitcoin did this, Doge’s price increased. Is the market getting ready for a similar move?
You can purchase dogecoin on several exchanges where it is listed. Dogecoin is available on the following exchanges: Coinbase, eToro, Robinhood, Gemini, SoFi, Binance.US, and Kraken. To buy, you must first register with the exchange. Fill out the required fields and confirm your account. If you need to verify first, do so, and then proceed to the checkout.
You’ll need to deposit the equivalent amount of dogecoin into your wallet in your local currency. Once your deposit has been confirmed, you can buy dogecoin on the spot market or through the exchange’s swap market. Some exchanges only provide pair trading, so you may need to purchase a currency such as USDT and then sell it on the market for dogecoin.
Previously, Elon Musk’s tweets were known to have influenced the price of dogecoin. The coin has been chastised for being “easily manipulated,” but true to form, it has shrugged that accusation off to become the most preferred cryptocurrency in the United States, according to a recent Coinformant survey.