DogeCoin (DOGE.CR) are on watch today as the crypto currency have touched 0.0045 on a recent bid, seeing volume of 442329 on the day. The overall strength of the crypto will scrutinize as the RSI levels have touched on key levels for the different ranges. First we will look at the 1-week numbers which stand at 81 out of 100. The two week relative strength stands at 89 and the four week relative strength of the crypto is at 90.
The Dogecoin Core developers are not involved in nor endorse the upcoming Dogethereum (DOGX) “hard fork”. It is also *not* related at all to the DOGE-ETH-Bridge project.
In order to get a broader picture of how the levels have sustained over a longer timeframe, we can peer into the longer term strength of DogeCoin (DOGE.CR). DogeCoin have a thirteen week RSI of 69, a twenty six week relative strength of 83 out of 100 and a full year relative strength over the past fifty two weeks of 57, also on a 0 to 100 scale.
RSI is a useful indicator to determine if a crypto coin is overbought or oversold and might be headed for a reversal based on current and historical levels. By definition, RSI = 100 – 100 / (1 + (Average gain of up periods over time frame / Average loss of down periods over time frame)) The RSI is going to spit out a number that is between 0 and 100. If the number is below 30, the coin is most likely being oversold. If the number is above 70, the coin is most likely being overbought. When a coin is above 70 or under 30, these are typically considered “target” levels by traders. When a crypto touches an RSI above 70 it can be considered in oversold territory, where if it touches below 30, it would be considered oversold.
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Dogecoin (Symbol: DOGE) is a digital token emphasizing a picture of the Shiba Inu dog from the Doge Internet meme as its logo. Remembered as a “joke currency” on 8 December 2013, Dogecoin’s online association is rapidly extended and obtained a capitalization of US$60 million in January 2014. As of June 2017, the capitalization is about US$340 million. Compared to other cryptocurrencies, the original token creation of Dogecoin is faster. By mid-2015, 100 billion tokens have been used in transmission with an extra 5.256 billion token annually after that. As of 30 June 2015, the number of mined Dogecoin was 100 billion. The coin has gained traction as an Internet tipping platform, in which social media users give Dogecoin rewards to other users for sharing unique or remarkable information.