Based on this Candle, we can see Dogecoin is due to breakout soon!!
Dogecoin has been the talk of the town in the past couple of months, and justifiably so after the slew of tweets and announcements from several famous investors such as Mark Cuban and Elon Musk. All indications seem to point to a recovery and an eighty five percent explosion might be on the cards. We’re going to look at a few charts and see what’s going on with the price of Doge. There is scope for Dogecoin massive breakout. The currency has basically risen and fallen incredibly in the last month or so.
If the prices are set to rise, there is a strong buy and hold signal
I grabbed this chart to give an indication of just how far Doge come it was basically trading at what some have described as close to nothing before rising to 30 cents. It was not evident that the currency will get to this point due to its intermittent supply. The creators of Doge kept increasing the amount of the currency in circulation to keep the price down, and that hasn’t stopped just yet.
A day’s worth of data is not sufficiently large to make long term forecasts, but for a cryptocurrency trading a very tight range is very useful. The price of Dogecoin is poised to skyrocket to 60 cents in the coming two or three months. The crypto has been trading at such a low price for a long time, making it easy to see why some argue that the market is already frothy.
Dogecoin has recovered some of its previous losses
The price over the last year and last six months are indicative of broader market developments as well as Crypto demand. The currency is currently trading at around 33 cents, which is slightly above its average price, but the average price is higher. The price of Doge is expected to rise to 50-60 cents. The currency is set to rise when Elon Musk appears on SNL.
The cast of the show is likely to make fun of the doge even as the price of the currency rises. Doge’s price will rise due to a number of structural factors and demand supply trends that will cause a price hike. The increase in the price is going to be heterogeneous and the next bull run will be choppy and heterogeneous.