Dogecoin Lacks Buying Support; Can DOGE Cross $0.07?

Dogecoin Lacks Buying Support; Can DOGE Cross $0.07?

DOGE forecast before investing.

Dogecoin price chart

At the time of writing, DOGE was trading around $0.06. Interestingly, if you exclude the spike of $0.09, you can find the candlesticks are forming sidewise, which suggests a consolidation phase, and Dogecoin will remain within a range for the next few weeks.

The candlesticks are forming within the range of $0.05 and $0.07. We think it is an ideal time for a short-term trade. The Bollinger Bands lack volatility, which also suggests a consolidation phase. Moreover, MACD and RSI are neutral. That means DOGE is not bullish for the short term.

Dogecoin price analysis

Moreover, it is not an ideal time for long-term investment in Dogecoin, but we have to analyze the weekly chart for more details. The candlesticks have formed lower lows; it is now trading around the support of $0.05.

Meme coins are not suitable for long-term investment because the prices are influenced by social media news. In the long term, the technical and fundamentals will not play a vital role. That is why if you are too active in social media, you can invest in DOGE for the long term, but you have to book profit whenever it gives you sufficient return.

Photo of Scott Cook

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Back to top button

Source