Price Analysis

Dogecoin (DOGE) Fascinates Investors; Time to Book Some Profit?

  • The same Bitcoin, which found it difficult to fight the bears in mid-March while ranging around $6000 has made a strong point regarding its strength as it climbed above $9800 lately
  • Altcoins are trying to follow suit; a few of them are still playing low key; rest are holding a bullish sentiment
  • Dogecoin’s two-month chart shows how the coin has proved itself as an investment; the short-term escalations faced notable corrections
  • Those who took an entry in March might be fetching heavy returns today

The cryptocurrency market seems finally out of sluggishness after a lot of struggle post an outbreak of Coronavirus. Those who might have lost any hope of skyrocketing crypto market can now wake up to a newly attained milestone for the next few days, as far as the bulls continue to please the crypto believers.

We had predicted previously how the major loss of valuation in March amid the market crash could be a huge buying opportunity for the coins, which generally perform well. Here, one of the reasons behind the gradual improvement in the prices of cryptos can be investor’s FOMO too.

The crypto market has recovered to a certain extent until now. Still, anticipating a ‘No disturbance’ price rally this soon is an overreaction to the recent positive approach of the market. This implies we can further expect a few dips though overall bullish sentiment may remain intact. Moreover, the way the economies are slowly coming out of the shutdowns, it can play a vital role in a market recovery, including Dogecoin.

Dogecoin Price Analysis

Dogecoin News
DOGE/USD Chart By TradingView

The 2-month price chart shows nothing but a clear price leap of DOGE/USD. The coin had bottomed to $0.0015 on March 13, and today, it is as high as $0.0025 with a rise of 76.59% over one and a half months approx. The currency has already marked profit by more than 50% towards the end of April, and it may see further growth this month, too, though with a few hurdles.

DOGE News

The one-day chart of Dogecoin can dilute the excitement of some. After surging by more than 12%, the price has corrected by more than 7%, noting a reduction in its gains. The currency has just formed a bearish candle below the EMA line while the MACD too has slipped below the zero-line. However, the chances of volatility are still open.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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