The Dogecoin price is still in a consolidation mode as investors ponder the next moves. DOGE is trading at $0.0610, which is in the same range it has been in the past few weeks. Its market cap is stuck at $7.88 billion while its ranking has continued to slip. It is now tbe 19th biggest digital currency in the world.
Will Dogecoin ever be valuable: This is a common question among investors. For one, the currency was started as a joke and is now worth more than $7.88 billion. In other words, it is bigger than companies like Box, Stitch Fix, and Jack in the Box.
Yet, on-chain metrics show that few people use the currency for any transactions. Most notably, it is only valuable because of Elon Musk, who used to promote it two months ago. Worse,unlike Bitcoin that is now accumulated because of its store of value qualities, investors have not embraced DOGE. Therefore, in the long-term, there are limited chances that Dogecoin will become the digital currency that we all use.
However, we are now in a period of low-interest rates and there is a lot of money flying around. This means that the Dogecoin price could still remain at these elevated levels.
As I have written before, the DOGE price has been struggling lately. It has struggled to move above its all-time high of $0.0878 and below the important support at $0.04130. That has seen the price remain at the short and longer-term moving averages. Volatility indicators like the Average True Range (ATR) and the Historic Volatility have all dropped.
Therefore, in my view, this could be a calm before the storm. In the near term, the price could have a major breakout in either direction. So, watch out for the key support and resistance levels mentioned above.