Dogecoin has long been a coin with a minuscule value. Having spawned from a meme many would have considered the coin to not last a considerable time on the markets. However the coin is going strong as always and whilst the markets may look uninspiring there may be hidden value lurking in the current scene. Whilst the prices and market action of the coin may tell one story, the order books of exchanges and the sheer trading volume is telling a completely different one. One where slow stagnation may soon be enveloped by a healthy price rise and sustainable climb to the top.
Below is the 7 day chart mapping out the price movements of Dogecoin. As seen below, a clear and well defined trend is present but indicators are present signaling light at the end of the tunnel.
Whilst Dogecoin seems to be moving no where currently the price movements seem to indicate otherwise. Whilst this month has been fairly uneventful for the coin, the past week in particular shows signs that the current period of stagnation and price decline may end soon. The rate of decline has slowed and we may reach a floor with in the next week and personally a floor should be reached at the figure of 0.00000052 BTC. Whilst this may mean that there is still a considerable decline left, the level of support at this lower level is immense deterring any movement to a lower level. A price rise to 0.0000006 BTC might be possible as current trading volumes are at around the 170 BTC mark allowing for a price movement in the upwards direction as new liquidity moves in. Personally I would give the coin a Buy label as the period of stagnation may end soon leaving way for growth. Howver, remember never to invest more than you can afford.
Please subscribe to our newsletter and follow us on Twitter.
Enjoy Trading !