DOGE News: Dogecoin Trades Close to 50-Day Moving Average Despite Recent Decline

Dogecoin (DOGE) Price Prediction for March 29

Currently, Dogecoin (DOGE) is trading at $0.1711 after a 5.05% decrease in the last 24 hours. This drop may be due to profit-taking or temporary bearish sentiment. Over the past 30 days, DOGE has experienced a 17.25% decline, indicating a bearish medium-term trend. Despite these setbacks, Dogecoin remains widely traded and retains a strong following. The coin is currently trading close to its 50-day moving average, which acts as a dynamic support level, while the 200-day moving average remains above the current price.

Dogecoin Mining Heats Up Among Small Businesses

While the conference is heavily focused on the Bitcoin mining business, coins like DOGE and Litecoin were also central to discussions because of their proof-of-work nature. Dubbed as Tesla billionaire Elon Musk’s favorite digital asset, Dogecoin was launched as a joke in 2013, and now, over 10 years later, the asset continues to go strong, remaining prominent in the market. There is now a serious business of mining Dogecoin ongoing among small businesses and even some investors.

Dogecoin’s Downward Trend Continues; Whale Accumulation a Hope?

The memecoin market, particularly Dogecoin [DOGE], has been in a bearish trend since December. Most memecoins have erased their gains from the past nine months due to the flood of new memecoins in the market. Dogecoin’s price chart exhibits a clear downtrend with lower highs and lows since late January, nearing its November lows at $0.142. Bulls face difficulties driving gains for meme tokens as they rely on market hype rather than fundamentals.