Dogecoin analysis for May 4, 2021
Looking at the chart on the four-hour time frame, we see that Dogecoin recorded a new historical high at 0.49512. Everything on the chart indicates that we will continue to conquer new targets, so based on that, our next target is 0.55000, followed by 0.60000. We are currently testing a zone around 0.50000, where we can expect some consolidation.
Moving averages are, of course, on the bullish side, and all indications are that the price of Dogecoin will only rise. Looking at the MACD indicator, we see that it is in a pure bullish signal and that based on it, we can also expect the continuation of this bullish trend. If a pullback target occurs, our previous high is 0.45000 as a support zone for Dogecoin not to go down and move into a bearish scenario. Rising prices for Dogecoin are shifting market capitalization by over $ 56 billion.
The weekly relative strength index (RSI) maintains excessive purchased value. Dogecoin is a cheap, risky investment opportunity that cannot be found elsewhere. The online trading platform eToro has announced that it will offer Doge to its 20 million registered users. The trading application has faced criticism from users for not allowing trading in altcoin, which is now the fifth-largest cryptocurrency in the world by market capitalization.
Other platforms and stock exchanges resisted the addition of DOGE, including Coinbase, in part due to significant volatility and potential for large losses, such as a 70% drop in April. Upward volatility is well documented as the price of DOGE / BTC increased by 4,800% and the price of DOGE / USD from January 1 by 10,000%. Fans can use Dogecoin to buy major league baseball tickets to see the Oakland Athletics this month.
The team, also known as Oakland A, offers 100 pairs of tickets for the 100 DOGE match from May 3 to May 6. Two tickets for a match usually cost around $ 80, but with the Dogecoin sitting at around $ 0.43 today, fans will be able to get a 46% discount if they buy tickets at Doge.
The adoption of Doge in athletics marks additional evidence of the growing mania surrounding Dogecoin. According to data from CoinGecko, Doge now has a market capitalization of more than 57 billion dollars – 500 million dollars more than the leading capitalization of Tether (USDT) of 52 billion dollars.
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