Published May 20, 2023 07:54AM ET
Trader Believes Now Is a Good Time to Buy Into Dogecoin (DOGE)
A crypto trader and analyst by the name of Crypto Rover shared in a tweet this morning that he is bullish on Dogecoin (DOGE) after the meme coin was able to print higher lows over the past few weeks. During the last 24 hours, however, DOGE was one of the many cryptocurrencies that suffered losses heading into the weekend.
The crypto market tracking website, CoinMarketCap, indicated that DOGE was trading hands at $0.07343 after a small 0.05% price decrease over the past day. This meant that DOGE was trading closer to its daily low of $0.07323 than its daily high of $0.07396.
DOGE’s price drop also resulted in the meme coin weakening against the two market leaders, Bitcoin (BTC) and Ethereum (ETH). At press time, DOGE was down against BTC by 0.22% and down against ETH by 0.38%.
The drop in DOGE’s price was not enough for its weekly performance to fall back into the red as, at press time, DOGE was up by 1.77% over the past seven days. Meanwhile, its 24-hour trading volume suffered a more than 50% loss throughout the past day, and stood at $137,654,992.
Daily chart for DOGE/USDT (Source: TradingView)
DOGE’s price had recently reclaimed a position back above the 9-day EMA line and was looking to do the same with the 20-day EMA line. However, the slightly negative slope of the daily RSI line suggested that BTC had lost some of its bullish momentum and would not be able to overcome the longer EMA level.
Should bulls step in before the end of today’s trading session, then there is still a chance that BTC’s price will flip the resistance level at $0.07737 into support. It may also look to do the same with the next resistance level at $0.08193. Conversely, a close back below the 9-day EMA line today may result in BTC dropping to $0.06926 in the next 48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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