Introduction
This report supplies an in-depth evaluation of the cryptocurrency Dogecoin (DOGE) primarily based on the newest knowledge from 20 June 2023. The evaluation features a evaluation of the present worth, quantity, bid/ask costs, day’s vary, technical indicators, and transferring averages.
Price and Quantity Overview
As of seven:33 a.m. UTC on 20 June 2023, on Binance, Dogecoin (DOGE) is buying and selling at $0.062160, up by $0.000140 (+0.23%) from the final actual-time knowledge. The quantity stands at 325,512,796 DOGE. The bid and ask costs are $0.062150 and $0.062160, respectively. The day’s vary has been between $0.061510 and $0.062850.
Technical Indicators
Technical indicators are statistical instruments utilized by merchants and traders to foretell future worth actions and market tendencies.
Right here’s an in depth breakdown of the technical indicators for Dogecoin (DOGE):
- RSI(14): The 14-day Relative Energy Index is 48.298, indicating a impartial place. The RSI measures the velocity and alter of worth actions on a scale of 0 to 100. Historically, the asset is taken into account overbought when the RSI is above 70 and oversold when it’s beneath 30. On this case, DOGE is neither overbought nor oversold, suggesting a steadiness between shopping for and promoting pressures.
- STOCH(9,6): The Stochastic Oscillator is 31.517, indicating a promote place. This momentum indicator compares a specific closing worth of the asset to a variety of its costs over a sure time frame. The present worth means that DOGE is nearer to its lows than its highs, which is usually seen as a bearish sign.
- STOCHRSI(14): The Stochastic RSI is 9.433, indicating an oversold situation. It is a technical momentum indicator that compares the extent of the RSI to its excessive-low vary over a set time interval. An oversold situation may point out a shopping for alternative as the worth would possibly rebound quickly.
- MACD(12,26): The Transferring Common Convergence Divergence is 0.000, indicating a impartial place. The MACD is a development-following momentum indicator that reveals the connection between two transferring averages of a safety’s worth. The MACD line crossing above the sign line could be a bullish sign, and when it crosses beneath, it may be a bearish sign. On this case, the MACD line is on the sign line, indicating a impartial place.
- ADX(14): The Common Directional Index is 21.271, indicating a impartial place. The ADX is used to measure the energy or weak spot of a development, not the precise path. Values beneath 20 are sometimes related to non-trending markets, and values above 25 could point out a development.
- Williams %R: The Williams %R is -63.462, indicating a promote situation. This momentum indicator measures overbought and oversold ranges. Readings vary from 0 to -100, with -50 as the center line. Readings above -20 are thought-about overbought, and readings beneath -80 are thought-about oversold. The present studying means that DOGE is in a promote situation.
- CCI(14): The Commodity Channel Index is -120.1974, indicating a promote place. The CCI is a momentum-primarily based oscillator used to assist decide when an funding car is reaching a situation of being overbought or oversold. A CCI above 100 could point out an overbought situation, whereas a CCI beneath -100 could point out an oversold situation.
- ATR(14): The Common True Vary is 0.0003, indicating much less volatility. The ATR is a technical evaluation indicator that measures market volatility by decomposing all the vary of an asset worth for that interval. Decrease values sometimes symbolize much less volatility and extra steady worth actions.
- Highs/Lows(14): The worth is -0.0000, indicating a promote place. This indicator is used to establish the best and lowest costs for the asset over a specific interval.
- Final Oscillator: The worth is 33.520, indicating a promote place. It is a technical indicator that’s used to measure momentum throughout a number of timeframes. A price beneath 30 usually signifies an oversold situation, whereas a worth above 70 signifies an overbought situation.
- ROC: The Charge of Change is -0.113, indicating a promote place. The ROC is a momentum oscillator, which measures the share change between the present worth and the n-interval previous worth. A destructive ROC signifies a bearish sign, suggesting that the worth is reducing.
- Bull/Bear Energy(13): The worth is 0.0002, indicating a purchase place. These indicators measure the steadiness of energy between bulls (patrons) and bears (sellers). A constructive worth signifies that bulls are in management, whereas a destructive worth signifies that bears are in management.
Here’s a abstract of the technical indicators in desk kind:
The technical indicators abstract reveals one purchase sign, six promote alerts, and three impartial alerts, resulting in a abstract motion of “STRONG SELL”.
Transferring Averages
Transferring averages are a kind of knowledge smoothing method that analysts use in technical evaluation to establish tendencies in a set of knowledge, similar to inventory costs. They assist to cut back the noise and fluctuation in worth knowledge to current a smoother line, making it simpler to see the general path or development.
There are a number of sorts of transferring averages, however two of the most typical ones are the Easy Transferring Common (SMA) and the Exponential Transferring Common (EMA).
- Easy Transferring Common (SMA): The SMA is calculated by including the costs for a sure variety of durations after which dividing by that variety of durations. For instance, a 5-day SMA would add the closing costs for the final 5 days after which divide by 5. The SMA provides equal weight to all the info factors in its calculation.
- Exponential Transferring Common (EMA): The EMA is much like the SMA however provides extra weight to latest knowledge. This implies it responds extra shortly to latest worth adjustments than the SMA. The calculation of the EMA is a little more complicated than the SMA, involving an exponential smoothing issue to offer extra weight to latest costs.
The importance of various interval transferring averages (like 5-day, 10-day, 20-day, 50-day, 100-day, and 200-day) lies within the timeframe that merchants are excited by:
- 5-day, 10-day, and 20-day transferring averages are sometimes used for brief-time period tendencies. They reply shortly to cost adjustments and are helpful for merchants seeking to make the most of quick-time period worth actions.
- 50-day and 100-day transferring averages are extra medium-time period. They’re much less delicate to day by day worth fluctuations and supply a clearer image of the medium-time period development.
- 200-day transferring common is a protracted-time period development indicator. It’s much less delicate to day by day worth fluctuations and supplies a clearer image of the lengthy-time period development. Many merchants contemplate a market to be in a protracted-time period uptrend when the worth is above the 200-day transferring common and in a protracted-time period downtrend when it’s beneath.
It’s vital to notice that transferring averages are lagging indicators, that means they’re primarily based on previous costs. They will help establish a development however gained’t predict future worth actions.
Right here’s an in depth breakdown of the transferring averages for Dogecoin (DOGE):
- MA5: The 5-day SMA is $0.062196, indicating a promote place. The 5-day EMA is $0.062197, additionally indicating a promote place. This means that the worth is presently beneath the common of the previous 5 days, indicating a bearish development within the quick time period.
- MA10: The ten-day SMA is $0.062291, indicating a promote place. The ten-day EMA is $0.062214, additionally indicating a promote place. This means the worth is beneath the common of the previous ten days, indicating a bearish development within the medium time period.
- MA20: The 20-day SMA is $0.062199, indicating a promote place. The 20-day EMA is $0.062212, additionally indicating a promote place. This means that the worth is presently beneath the common of the previous twenty days, indicating a bearish development in the long run.
- MA50: The 50-day SMA is $0.062208, indicating a promote place. The 50-day EMA is $0.062180, additionally indicating a promote place. This means that the worth is presently beneath the common of the previous fifty days, indicating a bearish development in the long run.
- MA100: The 100-day SMA is $0.062137, indicating a purchase place. The 100-day EMA is $0.062056, additionally indicating a purchase place. This means that the worth is presently above the common of the previous hundred days, indicating a bullish development in the long run.
- MA200: The 200-day SMA is $0.061720, indicating a purchase place. The 200-day EMA is $0.062691, indicating a promote place. This means that the worth is presently above the common of the previous 200 days, indicating a bullish development in the long run.
Here’s a abstract of the transferring averages in desk kind:
The transferring averages abstract reveals three purchase alerts and 9 promote alerts, resulting in a abstract motion of “SELL”.
Conclusion
The evaluation of Dogecoin (DOGE) for 20 June 2023 presents a bearish outlook, with each the technical indicators and transferring averages leaning in the direction of a “Promote” place.
The technical indicators present a robust promote sentiment with six out of ten indicators suggesting a promote. The oversold situation indicated by the STOCHRSI(14) means that the asset is presently being closely offered, which may result in a possible worth correction sooner or later. Nevertheless, the much less volatility indicated by the ATR(14) means that there might be much less important worth actions within the close to time period.
The transferring averages, that are extra targeted on the development and fewer on the day by day volatility, additionally counsel a bearish outlook. Nearly all of the transferring averages, together with the quick-time period (5, 10, 20, and 50-day) averages, point out a promote place, suggesting a downward development. Nevertheless, the 100-day and 200-day easy transferring averages point out a purchase place, suggesting that the longer-time period development should be bullish. This might point out some potential for restoration in the long run.
It’s vital to notice that whereas the present market sentiment for Dogecoin (DOGE) is bearish, market circumstances can change quickly. The excessive volatility of the cryptocurrency market signifies that costs can transfer considerably in a brief interval. Subsequently, traders ought to hold a detailed eye on market developments and modify their methods accordingly.
As at all times, whereas this evaluation supplies an summary of the present market circumstances for Dogecoin (DOGE), it’s essential to conduct your individual analysis and contemplate your private threat tolerance earlier than making any funding choices.
Featured Picture Credit score: Photo / illustration by “Dylan Calluy” by way of Unsplash