Dogecoin is one of the most famous meme crypto coins (Doge meme). It got presented on December 8, 2013. Its working mechanism is similar to the Bitcoin and Litecoin systems. A lot of traders use the coin to make money on changing quotes. The Dogecoin rate in the US Dollar pair on the Forex market is relevant. Traders earn money, as a rule, during daily sessions. Investing in a coin for long periods is fraught with great risks due to the specific coin features.
Statistics
The Dogecoin and US Dollar pair are extremely volatile trading instruments. The rate may change by 15-20% daily. On some days (every 2-3 months), there is a sharp breakdown of the level. Therefore, the coin goes up or down by 20-30%. However, if we talk about long-term periods, you can observe a continuous decline or growth for 5-10 days on the charts. During these periods, the coin increases in price or becomes cheaper by 40-50%.
Technical analysis in trade
The Dogecoin and US Dollar pair do not lend themselves well to technical analysis. We can predict the trend and the breakdown of the level only in 1 out of 5 daily sessions, so it is not worth wasting energy. The coin's exchange rate is mainly determined by the news background. A great example is the mention of the coin purchase by billionaire and founder of Tesla Motors Elon Musk, after which the quotes increased by 60% in just a few hours. Also, the influencing factors should include a mention on social networks and by bloggers. As a result, we see growth or fall in demand. The rate of the US central bank indirectly affects the exchange rate.
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