The movement of Dogecoin has attracted the attention of the market as it indicates formation of a smooth upward ramp. The asset currently stands at $ 0.20445 after experiencing a 2.71% increase within the past 24 hours. The asset has remained supported at $0.19 and how the bulls will steer it towards the higher levels remains to be seen.
MACD shows early bullish momentum
Dogecoin’s MACD line stands at 0.00028, currently above the signal line at -0.02106. The current market attitude appears to be changing through this strategic market positioning. Upward market pressure stays weak according to the negative reading of -0.02134 in the MACD histogram. The strength of a bullish trend would increase if the histogram bars continue rising and this trend would affect future price movements.
Tracking the RSI movement, market observation indicates that DOGE’s Relative Strength Index stands at 37.80 and it is no longer within the oversold threshold level below 30. Analysis of the RSI moving average shows a value of 33.27 which indicates downward pressure in the market is weakening. An RSI reading over 40 indicates growing market demand that supports the additional upward market movement.
Dogecoin has stabilized after experiencing a downward trend, with the immediate resistance level positioned at $0.22. A successful breakout above this mark could result in the price testing of $0.25. However, failure to hold above $0.19 could lead to a decline toward $0.16.
Dogecoin market cap rises as trading volume declines
According to CoinMarketCap data, Dogecoin’s market capitalization has increased to $30.25 billion following a 6.31% price surge. The fully diluted valuation matches this figure. Despite the price jump, trading volume dropped by 27.22%, reaching $1.96 billion. The volume-to-market-cap ratio now stands at 6.47%, reflecting shifting trader activity.
The current circulation number of Dogecoin stands at 148.29 billion DOGE, while its total supply also amounts to 148.29 billion DOGE. The maximum limit for Dogecoin assets does not exist since the network follows a fixed-supply system. Increased circulation has not affected the short-term valuation of this asset because its price keeps rising.
