Dogecoin Price Drops Amidst Broader Cryptocurrency Decline
At the moment, Dogecoin is priced at $0.1216, which is 1.777% less than it was 24 hours ago. Despite this drop, Dogecoin has done a bit better than Bitcoin, the top cryptocurrency, which saw a 3.57% drop in the same period.
Dogecoin Performance Over the Past Year
Over the past week, Dogecoin (DOGE) has lost 2.53% of its value. The monthly performance shows a more significant decline, with the price falling from $0.1603 to $0.1216, which is a 24.17% decrease over the past 30 days. However, when we look at how it has performed over the past year, we can see that Dogecoin has increased in value by 79.56%. On 5 July 2023, DOGE was priced at $0.0677. Even though it's currently above the yearly low of $0.06, it's still well below the yearly high of $0.21.
Dogecoin Price in Euros
At the current exchange rate of 0.93 euros per US dollar, Dogecoin's price of $0.1216 is roughly equivalent to 0.11 euros. Over the past month, the value of Dogecoin in euros has dropped by 23.03%. Year-on-year, the price in euros has gone up by 81.84%.
Bitcoin Price Forecast: What's Next?
Many traders use a trend-following strategy for cryptocurrencies, buying those that have recently performed well. If the past seven days have been good for the market, you'll see a momentum value over 100. Right now, Dogecoin's momentum is at 97.470, which means it's on the decline and the overall trend is weak. Bitcoin's future price is affected by lots of different things, especially how confident the crypto community is in its stability. So it might be worth taking a look at other technical indicators. We’ve crunched the numbers and come up with three key indicators for you: RSI, SMA200, and VWAP.
RSI: Dogecoin is Fairly Valued
With a value of 68.685, Dogecoin is neither overvalued nor undervalued according to the Relative Strength Index (RSI) developed by Wallace Wilder, as it falls within the 30 to 70 range. A value above 70 means it's overvalued, while a value below 30 means it's undervalued. The RSI looks at how prices have changed over time. It sums up all the positive changes and divides by the total number of changes. It treats negative changes as positive. Then, we multiply the result by 100, which gives us a value between 0 and 100. We did our calculations over 14 days.
Dogecoin SMA200: Simple Moving Average
At the moment, Dogecoin's price is $0.1216, which is above the 200-day simple moving average (SMA 200) of $0.07. Normally, a price above the moving average is seen as a good sign, while a price below it suggests a negative trend. This is good news for Dogecoin. Another important indicator is the volume-weighted average price (VWAP). If the price is above the VWAP, it suggests a positive trend. If it's below, it suggests a negative trend. Right now, the VWAP is $0.12, and Dogecoin's price is $0.1216, just a little above the VWAP. However, since the difference is less than 3.0%, we shouldn't get too carried away with this result. The SMA is calculated over 200 days and shows a mid-term trend, while the VWAP is usually calculated daily and is mainly used for day trading signals.
How much Dogecoin can you buy for 100 euros?
The table below shows how many units of Dogecoin you can buy at the current rate of $0.1216 or 0.11 euros per DOGE for the specified amounts.
Amount (EUR) | DOGE (units) |
100 | 679.263 |
250 | 1,698.158 |
500 | 3,396.315 |
750 | 5,094.473 |
2,500 | 16,981.576 |
Dogecoin: A Risk Assessment
Cryptocurrencies are high-risk investments, with smaller ones being particularly vulnerable to market disappearance and devaluation. According to Coincap, Dogecoin is currently the 8th most valuable cryptocurrency, which puts it in the top ten. Over the past 24 hours, Dogecoin transactions worth a total of $185,259,268.35 USD have been recorded across major exchanges like Kraken, Binance, and Coinbase Pro. However, even the biggest cryptocurrencies can’t avoid price drops or disappearing altogether. It's important to form your own opinion based on different sources.
What does the coefficient of variation tell us?
The coefficient of variation shows how much the price can change. According to the data from Coincap.io, the past 30 days have seen a coefficient of variation of 47.21%, which is in the moderate range. This means that Dogecoin's price fluctuations are pretty average compared to other cryptocurrencies. This figure is based on past data, so it might change over time.
How many Dogecoin coins are currently in circulation?
As of 3 July 2024, there are 144.957.508.781 Dogecoin coins in circulation, which is about 0.1 billion. At the current price of $0.1216, the total market capitalisation is around $17.6 billion. A company's market capitalisation is a good indicator of its value in the market.
Conclusion
So, it's tough to say what Dogecoin's future holds, as different indicators point in different directions. Most experts agree that cryptocurrencies should be just one part of an investment strategy. Unlike stocks or bonds, they don't generate profits or interest. Some market watchers think that as demand goes up, prices will go up too. Others think prices will go down. It's always a good idea to form your own opinion based on a range of sources before investing. For more info on other cryptos, check out our news section. If you think cryptocurrencies aren't the right fit for you, why not explore stocks as an alternative? For more info, check out our stocks page. The table below gives you a quick overview of the main indicators we used in this analysis. RSI is a technical indicator that looks at the relationship between price and volatility. A value below 30 is considered a positive indicator for price increases, while a value above 70 is negative. For the SMA 200, a price at least 10% above the moving average is good, while more than 10% below is bad, with values in between being neutral. For VWAP and momentum, values within 3% of the reference are neutral.
Indicator | Value | Interpretation |
RSI | 68.685 | Fairly valued |
SMA 200 | 0.07 | Positive (above moving average) |
VWAP | 0.12 | Slightly positive |
Momentum | 97.470 | Weak trend |
Investment Disclaimer
Investing is speculative. Your capital is at risk. This website is not intended for use in jurisdictions where the trading or investments described are prohibited and should only be used by individuals in a lawful manner. Your investment may not be protected in your country or state of residence. You should conduct your own due diligence. This website is free to use, but we may receive commissions from companies mentioned on this website. In addition, the author may have investments in the assets discussed, creating potential conflicts of interest.
