Dogecoin Price Fails to Breakout; Time to Sell DOGE?
Dogecoin is the first popular meme coin in the crypto world, giving investors a huge return. It was a hot topic during and after the pandemic due to its sudden rise as a crypto token. Billy Markus and Jackson Palmer originated it to make blockchain-based decentralized payment more accessible to the community because they think Bitcoin-like assets are difficult to use.
They want to create a peer-to-peer currency in the form of Dogecoin That will be less mysterious than other crypto assets. After its popularity, Shiba Inu also entered the market with a similar kind of canine-faced logo and took market shares from Dogecoin.
Dogecoin is a secure and immutable cryptocurrency that runs on a Proof of Work consensus. It is currently available in many exchanges and can be used to pay for products and services. It has become popular after Elon Musk openly supported it as ‘People’s Currency.’
Dogecoin has failed to break the strong resistance level in the last few months. It is difficult to predict short-term views because it depends on community sentiment. Any good news or tweet from Elon Musk will easily disrupt all technical analysis and break the key resistance levels.
What should a retail investor do in this current situation? As a retail investor, you must read DOGE price prediction to get the key resistance, support levels, and long-term view.
At the time of writing this post, DOGE was trading around $0.066. Though it is forming higher lows, it cannot cross the resistance level of $0.072. You can find another resistance level around $0.082. We can consider it a long-term bullish coin when it breaks this upper resistance level.
On the daily chart, MACD is bullish; RSI is 51, which suggests bullishness. However, the last daily candlestick is forming around the baseline of the Bollinger Bands, suggesting a possible downtrend. We think it is not the ideal time for short-term investment as DOGE may come down to the $0.062 level.
On the weekly chart, you can easily identify that the DOGE price has been in a downtrend, and it is taking support around the $0.060 level. Interestingly, MACD is bullish, but RSI is 31, trading in an oversold zone. We do not think it is an ideal time for long-term investment.
Moreover, it is a canine-faced meme coin, riskier than other crypto assets. You should wait for the ideal time to invest in this popular meme coin, but the price always depends on community sentiment and recent news.