The latest price of Dogecoin at 13:00 on October 23, 2024

(24-hour Dogecoin price trend)

Dogecoin (DOGE) Price Analysis: Dips Below $0.14 as Markets Correct

As of October 23, 2024, 1:00 PM UTC, Dogecoin (DOGE) is trading at $0.13847207802312, experiencing a 24-hour trading volume of $1,424,913,699.8985. Over the last 24 hours, DOGE has recorded a decline of -4.95537166% in its value.

Key Metrics:

• Circulating Supply: 146,482,096,383.71
• Maximum Supply: N/A
• Total Supply: 146,482,096,383.71
• Market Cap: $20,283,680,279.434

Market Dynamics:

The cryptocurrency market is currently undergoing a correction phase, with many digital assets experiencing price declines. Bitcoin, the leading cryptocurrency, has also seen its value dip below the $20,000 mark. This broader market sentiment has impacted DOGE's performance, leading to its recent price decrease.

Technical Analysis:

On the hourly chart, DOGE has broken below its 200-day moving average (MA) at $0.142, indicating a bearish reversal in the short term. The Relative Strength Index (RSI) is also trending below 50, further suggesting a downtrend.

• Resistance Levels: $0.142, $0.148, $0.155
• Support Levels: $0.135, $0.130, $0.125

Outlook and Future Expectations:

The current price action for DOGE suggests that the downward trend is likely to continue in the near term. However, it's important to note that the cryptocurrency market is volatile and can experience sudden changes.

Traders should exercise caution and follow market trends closely. If the broader market continues to decline, DOGE may experience further losses. However, if the market stabilizes or recovers, DOGE could potentially regain lost momentum and resume its upward trajectory.