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DOGE is Spiking and It Seems Like it’s the Right Time to Buy

By July 13, 2022December 30th, 2022No Comments

Dogecoin is a digital currency based on a meme that started in an interesting way. It was made as a joke to poke fun at how quickly different kinds of cryptocurrency became popular in the 2010s. In fact, the people who made Dogecoin never intended for so many people to use their joke currency. Even so, it has quickly grown a large community and become one of the most popular and profitable cryptocurrencies ever which is a reliable platform for digital currency.

Dogecoin is based on an algorithm called “Proof-of-Work,” just like Bitcoin. You don’t need any special tools or setup to mine Dogecoins. Anyone can do it. Right now, there is 130 billion DOGE in circulation, and every minute, 10,000 NEW DOGE are added.

Testing the previous levels would make buyers happy, but right now DOGE doesn’t even have the support of a trending Bitcoin price. Elon Musk has always been vocal about his support, so the price change may not be because of news that just came out.

Even the candles show a clear buying mentality since the current trading value is the same as the support levels set after the crash on May 12. The way prices are going now makes it clear that the value of dogecoin’s cryptocurrency will reach new all-time highs.

The price of a dogecoin has gone up by 11 percent in the last 24 hours, bringing its market capitalization to $10,356,142,667. These prices are a good sign that a lot of people are buying, which could help Dogecoin resist the downward pressure of the trend toward profit booking in the days to come. Dogecoin will be able to make up for its drop in value in May 2022 and try to go above $0.16 if it is bought over and over again.

Dogecoin has moved out of the price range where it had been stable, and both the rising to buy sentient indicator and the strong daily candlesticks point to a likely and steady trend of buying. The price trend for Dogecoin has been very bullish, which means that the price is likely to go up even more in the next few days and weeks. The detailed Dogecoin forecast gives more information about possible price increases and important levels to buy at.

On Sunday of the week before, Dogecoin candles tried to break through the 50-day moving average curve, but they were not able to. Even though DOGE has crossed the 50 DMA curve again, buyers haven’t changed their minds much since Monday. If people don’t make too much money in the next two weeks, this trend could keep going.

Incredibly, the RSI indicator went from 30 (which was thought to be normal) to 57 in less than ten days. Dogecoin will continue to test both the 200 DMA curve and the 100 DMA curve, which could be a sign that prices will go up even more in the long run.

Dogecoin shouldn’t have any big problems, and it should hit $0.10 as the next big milestone. Because of this level, there could be some volatility in the next few days, but there shouldn’t be any other big problems. Since the price went past $0.0650, the support has been pulled up. This should make more people want to buy, which should keep the price from moving too much. The market has been going up every day, which hasn’t happened since November 2021, when it was at its highest point.

A look at how the price of Dogecoin has changed in a technical way (DOGE)

Dogecoin came out for the first time in 2013. Since then, its price has been pretty close to what other things on the market are going for. It has gone up and down with the market as a whole, following the bull and bear cycles. Dogecoin, on the other hand, had the biggest price change in 2021. This made it the best cryptocurrency to invest in, putting it at the top of the list.

When the price of Bitcoin dropped by half in 2020, the cryptocurrency market began to recover, and dogecoin began to go up at the same time. Elon Musk is one of the most important people in the cryptocurrency industry. When the bull started to get stronger, he started tweeting about Dogecoin. This made the cryptocurrency move faster than the market as a whole.

By January 2021, Dogecoin was in a full-fledged bull market, and by May 2021, it had hit its all-time high price of $0.73. But after the market crash that began in May 2021 and lasted until July of that year, Dogecoin never got back to its previous all-time high price of $0.73.

Jerico Saquing

Jerico Saquing

Jerico is the founder of Peso Hacks. He's also a freelance writer who specializes in topics related to finance, travel and games. In his spare time, he likes to watch anime, play mobile games and read books.

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