Is it Too Late to Buy Dogecoin? 3 Traders Give Their DOGE Predictions
The dogecoin price has risen by 2% in the past 24 hours, reaching $0.090641 following the news of Sam Bankman-Fried's arrest and speculation concerning Binance's finances. Its current value marks an 11.5% drop in the past week, however, with the coin flat in the past month and down by 47% since the start of the year.
Given negative market sentiment and the lack of recent good news for DOGE, some analysts have begun suggesting that the altcoin is set for more falls in the near future. However, holders and supporters continue to hope for Twitter to integrate dogecoin payments in some shape or form, something which would send the meme token surging.
DOGE's indicators are currently mixed. Its relative strength index (purple) has dropped below 50 in the past few days, signalling greater selling pressure. However, its 30-day moving average (red) is well above its 200-day average (blue) and has resumed rising.
What this potentially suggests is that, having experienced a lull in its late-October rally, DOGE is ready to begin rising again. Of course, with everything that's happening in the market, such a rise may not materialize, at least not in the short-term.
Accordingly, there are mixed views from traders and analysts alike on what DOGE is likely to do in both the short- and long-term.
Most notably, CNBC's financial cheerleader Jim Cramer recently declared that DOGE is set to collapse, adding that the coin is essentially a "con." However, DOGE and other cryptocurrency holders alike have responded to this claim by suggesting that Cramer's dismissal of dogecoin is actually bullish, given how frequently he has been wrong.
In terms of people within the DOGE and cryptocurrency communities, there are more than a few who believe that,
Read more on cryptonews.com
