- Dogecoin price continues to act sluggishly as weak buying pressure persists
- DOGE descends 20% from a high of a monthly high $0.33 to $0.27 with more sellers than buyers
- Crypto market in a state of flux as big moves awaited either way.
The Dogecoin price continues to act in a sluggish manner with more negative movement on Sunday and a drop to just under the $0.28 level. More negative movement is expected short term with a price drop possibly to the $0.25 level before a move upwards.
Elon Musk seems to have abandoned DOGE as his SpaceX mission continues to take up more of the newsprint. And although the much-vaunted BabyDoge was launched to considerable fanfare, we haven’t seen much of that either.
Although some coins such as SOLANA and LUNA have seen appreciable returns over the past days, DOGE remains stuck in a rut with the hype seemingly gone. This may provide an interesting buying opportunity though, as there is bound to be an upswing in the price if the crypto market in general moves forward.
If you haven’t yet bought some DOGE then take a look at this How To Buy Dogecoin Beginner’s Guide.
Short Term Prediction For Dogecoin price: More downside expected before a jump
The Dogecoin price appears to be currently in a state of flux although the general trend remains bearish. The crypto market seems to be ready for a big move one way or the other but cannot seemingly decide which way to go.If a bullish scenario pans out, then the Dogecoin price will probably make a move to regain the $0.30 level. If that is superseded, then it would be likely to retest the monthly high of $0.33. that would be an 18% gain from the current price. This could be a likely scenario if bulls re-enter the market.
If a bearish thesis plays out, then Dogecoin could drop to the $0.25 level where there should be some meaningful support. If that level does not hold, a sell-off could see the price spiral down to the $0.20 mark.
One has to remember that the Dogecoin price has gone up by 100% from its July 20 swing low of $0.168 to $0.33 so the ascending triangle remains more or less intact. With some pitfalls along the way, the price has been in constant positive territory although the rally seems to have stalled since 15 August.
If you want to start investing in or trading cryptocurrencies then have a look at our Best Cryptocurrency Brokers guide.
Long Term Forecast For DOGE: Still Bullish Although Pitfalls Remain
Although the long-term prospects for the Dogecoin price remain quite positive, there are still some pitfalls on the way. General crypto market sentiment seems rather neutral although a change could see everything pick up quite quickly.
Looking forward, DOGE is expected to regain the $0.50 mark by the end of the year. That would still be down from its all-time high of $0.65 achieved in April although a further surge could also occur if buying pressure escalates.
Where to Buy Dogecoin
If you want to purchase DOGE, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy DOGE is Binance . Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
Looking to buy or trade Dogecoin now? Invest at eToro!
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Gerald Fenech
