The Dogecoin price has been relatively quiet recently. DOGE is trading at $0.05, where it has been in the past few days. This performance has brought its total market cap to more than $7.46 billion, making it the 17th biggest digital currency in the world.
What happened: Dogecoin, the meme coin that was recently promoted by Elon Musk has been relatively muted in the past few days. This has seen its ranking in crypto drop from an all-time high of 7 to the current 17. This performance is mostly because there have been no major announcements by Elon Musk about the coin.
Recently, he asked Coinbase to start accepting the currency. He is also selling a song about non-fungible tokens (NFT) as an NFT for Dogecoin. Also, recently, Mark Cuban touted the currency, saying that Dallas Mavericks, a team he owns were the biggest merchants for the coin. He expects it to reach $1 soon.
The daily chart shows that the Dogecoin price has struggled to find direction recently. Still, it is 2,300% higher than where it was in November last year. This makes it one of the best-performing digital currencies in the world. The chart also shows that its volatility, as measured by the Average True Range (ATR) has dropped to the lowest level since January 29.
Therefore, in my view, this performance is a calm before the storm, meaning that the price will soon break out. The challenge is to figure out the direction of this breakout. The key levels to watch will be $0.04 and $0.08.
