Is Dogecoin Actually a Good Investment?
Dogecoin (DOGE) has traded in a generally tight trading range over the past few weeks, as cryptocurrencies have gained significant momentum. However, the general increase in cryptocurrencies experienced on October 23 could be a possible turning point for DOGE.
The main reason for this increase is that leading cryptocurrencies such as Bitcoin (BTC) are making impressive gains and the crypto market in general is on the rise. During such periods, their interest in higher or alternative cryptocurrencies usually increases, which can push up the prices of other cryptocurrencies such as DOGE.
DOGE is a significant performer among the top 10 cryptocurrencies by market cap, rising by 0.063, an increase of 4.9% in the last 24 hours. However, as the crypto market is highly volatile, prices can change quickly and caution should be exercised before investing. It is important to follow current and current news in the market because prices for such news are available.
Expectedly, this could be the beginning of a more alternative potential bull run, and not just a short-term rally for DOGE as one analyst suggested.
Traders and Analysts are looking at DOGE
Cryptocurrency trader and analyst Naemrr’s analysis for Dogecoin (DOGE) dated October 23 seems to indicate that it may mark the beginning of a possible bullish loss.
She said that the reason for this was the upward trend in the 3-day time frame on the DOGE / BTC chart and the “potential long-term trend break on the USDT chart.”
Popular cryptocurrency traders and analysts such as AngeloBTC and Naemrr have bullish expectations regarding DOGE, which will attract great attention when the cryptocurrency is held.
In her post on X on the same day, AngeloBTC predicted that the price of DOGE would jump to $ 1 in the coming cycle and emphasized her upward expectation with the following quote: ”The universe owes me 1 billion dollars”
Overview of Technical Indicators
The fact that the technical crisis on TradingView offers DOGE an optimistic outlook for the future may reflect the durability of this credit, an important resource used for technical analysis of the cryptocurrency market
The summary of day 1 in particular suggests 12 points of ‘Buy’. Specifically, moving averages (MAs) indicate a ‘Buy’ structure at 10, while oscillators remain ‘Neutral’ at 8
Meanwhile, only certain moving averages such as the exponential 100-day and 200-day MAs and the simple 100-day and 200-day MAs were giving a ‘Sell’ signal.