Dogecoin (DOGE) investing has given cuan fantastic in the past so investors are looking forward to the return of DOGE’s heyday. However, the DOGE price trend is now showing momentum bearish.
In 2021, DOGE prices skyrocketed 9K percent between January and May. After DOGE’s price slumped in 2022, investors remain optimistic that DOGE can regain strength.
Invest in Dogecoins
Investors who bought DOGE at the right time in 2021 made a mark cuan tantalizing. Now, the crypto industry has changed and a good investment is one that has long term potential.
DOGE traded in a price range of US$0.08 and US$0.099 for the six weeks since January. The US$0.078 to US$0.08 price range becomes support strong during that time.
Relative Strength Index (RSI) indicates a sign bearish after failing to climb above the 50 mark on the daily chart. On Balance Volume (OBV) also fell during February indicating very high selling pressure and dominance of sellers could push DOGE prices further down.
For investors who have a high risk tolerance, the price of US$0.08 is a potential buy zone stop loss at a price of US$0.078.
At the moment, memecoins the world’s first such has no real strong use. Although Dogecoin has made various network updates such as Dogecoin which presents smart contractsDogecoin is behind its competitors.
The main advantage of Dogecoin is the community of loyal followers. On the other hand, Dogecoin’s fame can fade at any time so that its value is threatened to weaken.
If the popularity of Dogecoin increases, the price of DOGE will also increase. But without network updates that add to Dogecoin’s intrinsic value, DOGE’s price will find it difficult to sustain long-term growth.
Even though DOGE was able to strengthen again, Fool.com launching DOGE is not a safe long-term investment at this time because it has a high risk.
Investors are encouraged to seek investments with real utility and long-term potential. Bitcoin (BTC) and Ether (ETH) are safe options because they are the largest assets in the crypto industry and have strong real use.
In addition, there is a selection of crypto assets that have high potential and strong fundamentals as well as real-world utility, such as Polygon (MATIC) and Polkadot (DOT). [ed]