A complicated moment for too Dogecoin, which in the face of a moment of great difficulty for the whole sector, returns abundantly under the $ 0.30, regained not with little effort during the last one bull run of the crypto ecosystem.
Suffering that he shares, albeit relatively, with the group of meme token, which is now waiting for a positive cycle for some time. Miss the gas to a growth, for a situation which, however, could only be momentary.
Technical analysis on Dogecoin – together with some considerations on the market in general – will help us shed some light on the next movements of the coin. That also thanks to the latest updates to the protocol just under 1 month ago, it could return to take on a certain centrality.
How to exploit this situation – Possible signs:
Not a good time for the meme industry – and Dogecoin suffers
This is not a good time for the whole industry crypto meme, with also SHIBA which, despite having more lively performances, is having difficulty breaking through the main resistances. A question that we believe to be of character cyclic, with the interest of more impulsive investors which is focusing, for now, on the sector of NFT. Capital that, at least in our opinion, has also been drained by gain brought home by some investors in Dogecoin.
A situation that we do not believe, however, will be able to last forever. For a very simple reason: the support around the $ 0.22 is very strong – the market already has flushato locations long with excessive leverage and everything would suggest, as we have also seen with Ethereum to an accumulation phase, waiting for a return of the bull run.
It is certain that the destinies of Dogecoin are closely linked to what will also happen on the market of Bitcoin, which has once again proven itself to be towing for the entire sector of old coin, that is, not only for Doge, but also for example for Bitcoin Cash And Litecoin, crypto coins that are no longer at the top of the hype, but which could be a good alternative to getting drunk DeFi of the market in recent weeks.
What does the technical analysis tell us about Doge?
L’technical analysis has always had enormous limits in defining and anticipating the trends of $ DOGE, a difficulty which has been amplified in recent days by relatively low trading volumes. So let’s start from moving averages, calibrated for 1 week.
|SIMPLE||SELL 🔴||SELL 🔴||BUY 🟢||BUY 🟢||BUY 🟢|
|EXPONENTIAL||SELL 🔴||SELL 🔴||BUY 🟢||BUY 🟢||BUY 🟢|
Moving averages that are neither positive nor negative, with a certain balance that we will have to confirm or deny using also the indicators of the technical analysis.
|HIGH / LOWS||NEUTRAL|
Even the indicators show some… uncertainty, with MACD pointing to an upside, while ROC is expressed in a negative sense. Overall, the signal is slightly positive, a sign that even the technical analysis does not follow the Cassandras who would like Doge dead and buried.
The moment will pass – also thanks to the commitment of many official fans
Like the Dallas Mavericks from Mark Cuban, as well as so many other small businesses that are still betting on Doge. A phase that we therefore continue to believe cyclical – with the current price that could be a great deal entry point on the market.
Doge is a project that, despite the many detractors, will continue to have great relevance on the market – and that will be able to recover the ground lost in the last few weeks.