- The Dogecoin Price Appears to Be In a Neutral Stance With Very Little Movement Either Way
- Instability in crypto market is taking its toll on DOGE’s prospects
- A period of consolidation in the mid$0.20’s is expected before a next increase.
The Dogecoin price is currently stuck in an extremely tight trading range with very little movement either way. Over the past few days, DOGE has traded between $0.23 and $0.25 with extremely small variations, largely in tandem with the Bitcoin price which also seems static.
Whilst there is continued instability in the crypto market, there appears to be some possibility that Dogecoin will start an advance after a period of consolidation. However, the possibility of a sell off remains and there could also be a retesting of the psychologically significant $0.20 level if the market turns sour.
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Short Term Prediction For Dogecoin Price: A Period Of Stability Before A Move Upwards?
The Dogecoin price is apparently primed for a swing either way but short term, it looks like consolidation is the prospect. At present there is considerable resistance at the $0.25 level whilst the September 7 flash crash has dented the hope for Doge’s ability to continue moving forward.Doge has been in a downward trend since the September 7 flash crash. Although price action has been trending lower, the 200-day and 55-day SMA have now turned into resistance. This could mean that prices may be pushed further lower.
If a bullish scenario takes control of the market, then one could expect the Dogecoin price to rise to the $0.27 mark or a 10% increase from its current price. If that resistance level is broken, one could expect DOGE to revisit the $0.30 level where further buying support would be needed to push the price forward.
If a bearish thesis comes into play, then we can expect the Dogecoin price to revisit the $0.20 level which is a critical level of support. If that level breaks, a sell off will probably ensue and DOGE would crash further, perhaps settling at the $0.17 level.
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Long Term Prediction For DOGE: Dependant On The Overall Movement of The Crypto Market
With instability currently reigning in the crypto market, the long-term prediction for the Dogecoin price is largely dependant on this outcome. With most of the larger market cap cryptos stuck in tight trading ranges, it would seem that Doge is in the same boat.
And with the continued spectre of crypto regulation on the horizon, the prospects for DOGE do not look too good. However with things changing fast in the crypto world, a tweet from Elon Musk could actually create a buying frenzy in the dog themed cryptocurrency.
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 Dogecoin 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
