Dogecoin Is Creating a Good Buying Opportunity for Investors
Crypto should be about fun, so Billy Markus and Jackson Palmer created a new coin named Dogecoin. It was launched on December 6, 2013, with a mascot of a dog. Though it was started as fun, now Elon Musk supports the coin, and it has become a huge crypto community.
The coin is known for charitable donations. In 2014, the community raised $50,000 to help the Jamaican Bobsled Team reach the Sochi Winter Olympics. They have also raised $30,000 to build clean-water wells in the Tana Valley, Kenya.
Dogecoin is based on blockchain technology; it is a huge digital database that stores transaction information. However, the information is not stored in one place; it is stored across thousands of nodes. That is why it is a decentralized network.
At the time of writing the Dogecoin technical analysis, the price of DOGE is around $0.22. Since July, it has been consolidating in the range between $0.18 to $0.31. We can say that these are the support and resistance levels.
In May, Dogecoin reached its ATH of $0.74. Indeed, it is a popular coin, and investors rely heavily on this. On the daily chart, it is standing at the support travel; it will go up to the resistance level. However, we need to analyze the Dogecoin price chart to identify its trend.
Bollinger Band reflects a lack of volatility in the chart. DOGE/USD is slowly consolidating in its range. Dogecoin is around its support level, so the candlesticks are in the lower half of the baseline.
Moving Average is also going down, but MACD is on the verge of bullish crossover. RSI is 41 and shows stability for Dogecoin. If it goes up, the DOGE price will face resistance on the levels around $0.26.
Is it the right time to invest in Dogecoin? Many new investors would think consolidation is not a good time to invest. Earning potential is less in a consolidation phase, it is somewhat true. However, the range of Dogecoin is big, and this consolidation can provide a good return. Visit here to know more about the yearly projection of Dogecoin prices.
It is creating a good buying opportunity now at the support level. It would be best if you capitalized on this opportunity.