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Dogecoin Price Breakdown: Hint Of Recovery, Respite For Investors

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Dogecoin

Dogecoin, the canine based p2p open source cryptocurrency is often labeled as a meme coin or a joke coin. However it still has a purpose and the Dogecoin Blockchain is relevant.

DOGE had a very nasty fall but is slowly started to recover some of its lost space. The meme coin is trying to move up but is facing stiff resistance from the bears who are continuously blocking the way. However this recovery is not enough and the crypto coin will have to attract new investors.

The canine themed crypto coin is moving a wee bit higher than the exponential moving average and the price gained 38.6% in 7 days. However to sustain this bulls need to speed up the recovery for the coin to sustain in the market.

The current price for one Dogecoin is trading at $ 0.074with a gain of 8.21% in its market capitalization in the last 24 hrs. The coin has a trading volume of $596.92 million with a gain of 25% in the 24 hrs trading session and a market cap of $9.99B. The volume market cap ratio is 0.05958.

The graph for short period reveals that the rise in the graph is moving at a very fast rate and a good inclination. If this process continues, the coin will recover soon but there is a warning, the investors must brace for a bears backfire. The technical indicators like MACD indicate for a bullish run ahead but the histograms point out to weak signals. The RSI or the relative strength index reveals that the buying pressure is increasing and it is boosting up the price. Presently the RSI of the DOGE is hovering around 60 currently.

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