Dogecoin (DOGE) price has been on an upward movement for the past 48 hours, with the price rising from $0.0731 on Thursday to $0.077 on Friday, December 23. Dogecoin price is trading in a second straight bullish session with bulls focused on significantly increasing its value.
Dogecoin attained its highest price on May 8, 2021, when the meme cryptocurrency recorded an all-time high (ATH) of $ 0.74. Since then ATH, DOGE has recorded a multi-year low of $ 0.05 around May, which was attributed to the Terra collapse situation that sent most cryptos in limbo.
At the time of writing, the DOGE price was trading at $0.077, according to data from TradingView and CoinGecko, up by 5% in the last 24 hours to record a market cap of $10.69 billion and a 24-hour trading volume of $887.767 million.
Dogecoin Fundamental Analysis
Dogecoin, a dog-themes crypto developed as a joke in 2013, has amassed a notable amount of popularity and attention over the years. The meme coin’s over-sensitivity to tweets and comments by the billionaire CEO of Tesla and Twitter Elon Musk is also notable. In several instances, Musk has expressed his support for DOGE both in interviews and through social media posts. In fact, Musk himself is a Dogecoin holder.
— FARZAD AHANGI (@FarzadAhangi) December 17, 2022
In recent years, the Dogecoin price has displayed huge fluctuations following tweets by Musk, with a pronounced instance being the integration of cryptocurrency wallets on the popular social media platform.
According to recent reports, Dogecoin’s market cap overtook that of Coinbase, a giant crypto exchange based in the U.S., with $7.85 billion in market capitalization while Dogecoin recorded $10.69 billion. In the same way, the value of DOGE has also increased by a significant margin, with a 4.4% surge in value and a 15% rally in recent days.
On the downside, Dogecoin has been at the center of legal action, with four ex-customers of the Coinbase exchange suing Coinbase Global Inc. over the Dogecoin sweepstakes.
The San Francisco-based 9th Circuit refused to force four ex-Coinbase users to go into arbitration for their Dogecoin sweepstakes case against the crypto exchange, citing a provision in the sweepstakes’ rules requiring disputes to be heard in Calif. courtshttps://t.co/Z4zePjHDlI pic.twitter.com/dRnrzJi6Ic
— Reuters Legal (@ReutersLegal) December 17, 2022
In the case, the former Coinbase customers allege that they were duped into paying $100 or more to enter the sweepstakes for a chance to win prizes of up to $1.2 million in DOGE. It follows that the customers had agreed to Coinbase’s user agreement, which included a provision that required them to pursue any disputes through arbitration.
As it happened, however, Coinbase lost the bid to force the Dogecoin sweepstakes case into arbitration, after a federal judge and the 9th U.S. Circuit Court of Appeals ruled that Coinbase could not compel the customers to use arbitration, citing a provision in the sweepstakes’ official rules requiring disputes to be heard in California courts.
Dogecoin Price Displays Strength As Bulls Eye $0.1
Dogecoin price analysis was trading with a bullish bias on Friday, with the token ascending by 6.60% to record an intraday high of $0.079. The uptick comes after Thursday’s trading session resulted in an upward break for the DOGE price function. Accordingly, the price has grown, as bulls lead the market.
The price of the meme crypto is fighting the immediate resistance from the resistance posed by the 100-day simple moving average (SMA) at $0.08. If bulls manage to break through this barrier, DOGE price may ascend to confront resistance from the 50-day SMA at $0.09. In highly ambitious cases, the price may rise to hit the local high of $0.11, reached on December 1.
DOGE/USD Daily Chart
The Relative Strength Index (RSI) was facing upwards, meaning that the bulls are still in control of the market. The Moving Average Convergence Divergence (MACD) is tipping to point upwards, meaning buyers are entering the market and the DOGE price may increase, adding credence to Dogecoin’s bullish thesis.
On the downside, if bulls are unable to maintain the support offered by the $200-day SMA at $0.0735, DOGE price may drop toward the $0.0718 foothold, and if selling pressure increases, the price may trace further down to the $0.067, a stubborn resistance area that has since been flipped into support. In extremely bearish cases, the Dogecoin price may go lower to retest the $0.05 support floor.
While DOGE price ushers in the weekend and Christmas Holidays in style, here are two of the most promising projects you should definitely check out!
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