The latest price of Dogecoin at 19:00 on October 20, 2024

(24-hour Dogecoin price trend)

Dogecoin Price Analysis

As of October 20, 2024, 7:00 PM UTC, Dogecoin (DOGE) is valued at $0.14280809698662, with a 24-hour trading volume of $1,467,450,195.77. Over the past 24 hours, DOGE has experienced a price drop of -1.94476449%.

Dogecoin Key Metrics:

• Circulating Supply: 146,444,526,383.71 DOGE
• Maximum Supply: None
• Total Supply: 146,444,526,383.71 DOGE
• Market Cap: $20,913,464,126.964

Market Analysis:

Despite the recent price decline, Dogecoin has maintained a significant market presence, ranking among the top 10 cryptocurrencies by market capitalization. The cryptocurrency's association with Elon Musk, CEO of Tesla and SpaceX, has contributed to its popularity and speculation.

The broader cryptocurrency market has experienced volatility in recent days, with Bitcoin (BTC) showing a slight uptrend while Ethereum (ETH) has remained relatively stable. Dogecoin's correlation with these major digital assets suggests that its price may be influenced by market trends and sentiment.

Technical Analysis:

From a technical perspective, Dogecoin is currently trading below key resistance levels. The 50-day moving average (MA) and the 200-day MA act as barriers that need to be broken for sustained upward momentum. However, the relative strength index (RSI) is hovering around 40, indicating that DOGE is neither overbought nor oversold.

Outlook:

Short-term price predictions for Dogecoin remain uncertain, with fluctuations expected within the current range. However, long-term investors may be optimistic based on the cryptocurrency's past performance and its association with Musk. The advent of new use cases and increased adoption could drive demand for DOGE in the future.