Is It Too Late to Buy Dogecoin as DOGE Pumps Up 20% in 30 Days – Will DOGE Reach $1 This Year?
In wake of Dogecoin’s (DOGE) latest Twitter logo change fuelled pump, some investors are asking whether it now might be too late to buy the Shiba Inu dog meme-inspired cryptocurrency.
For short-term traders looking to jump in and out of the market quickly, the answer may be yes.
Dogecoin saw a perfect technical set-up for a short-term pump from under $0.08 to $0.10 in late March/early April when the cryptocurrency broke above a downtrend that had been in play going all the way back to last November.
The price jump catalyzed by Twitter’s logo change to the Dogecoin logo saw the cryptocurrency quickly rally to its short-term target (at $0.10).
Dogecoin has since eased back to the $0.09 area, a sign that the easy short-term gains have now been achieved.
Short-term speculators who missed the latest pump may have thus left it too late to make quick easy gains from Dogecoin.
What about those who want to buy and HODL Dogecoin for the longer term? Is it too late for them as well?
Well, the first thing to say is that asking whether it is “too late” to buy an asset is never a good way to think about the market.
The only questions an investor should be asking are those relating to the asset’s price outlook and risk reward.
If an investor thinks the Dogecoin outlook in the medium to long term is good, then they should consider allocating a proportion of their portfolio to the asset.
But to answer the question “is it too late” to buy Dogecoin more directly, no it probably isn’t.
DOGE is still down nearly 90% from its all-time highs hit back in May 2021 and is down around 40% versus its Q4 2022 highs.
That means that anyone buying Dogecoin right now is arguably still “buying the dip”, or at least not buying DOGE at highly overpriced levels.
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