Dogecoin (DOGE) has garnered the largest fan support community than other meme coin families. DOGE has landed into the preferred market, giving room for a possible price increase in the coming weeks, especially if the current region holds. Dogecoin has made a significant 4.5% increase during the Asian session today, with its price rising from yesterday’s low at $0.05753 to a new high at $0.06121. The bears seem to be resisting an immediate breakout of this resistance zone. However, analysts believe a usual Dogecoin rally will follow if the price breaks above the current region, triggering a massive buying with its next target of $0.08. Historically, Dogecoin has been known to bounce back from its demand zone once it breaks above it. However, there seems to be a little rejection, which will be evident within the next four hours.
Dogecoin is currently being held back by the 200 Simple Moving Average (SMA) using the four-hour time frame. Therefore we can only expect a rally for Dogecoin if the price breaks above the current resistance at $0.0626 within four hours.
Alternatively, should the price of Dogecoin fail to hold above this region and break below $0.06, we might expect a free fall and retest of the support at $0.0597. Failure to maintain this level will give room for a retest of the next support at $0.05285.
What are the Demand zones for Dogecoin?
The demand zones for Dogecoin are from $0.0534 to $0.063. The demand zone has always been noted as one that triggered a massive buying for Dogecoin. Investors, including whales and institutional traders, often set large buying orders for Dogecoin at the Demand zone. This often resulted in enormous pumping for Dogecoin each time the price breaks above this region as many buy orders are triggered.
Is Dogecoin a good Crypto project?
Dogecoin is one of the most successful meme coin projects ever launched in the crypto industry. It has the most extensive support community and a strong developers team. Its popularity has attracted many whales and celebrities to invest in the project. Dogecoin is said to be endorsed by billionaire investor Elon Musk. Musk has been seen to flaunt this coin as likely to replace Bitcoin in the future. In the light of the very much support given to this coin, some analysts predict that this coin will one day obtain a strong use case and that the price might surge to $1 in years to come. However, there is no way to prove this, as all crypto investment involves risk.
Where can one trade Dogecoin today?
One can trade Dogecoin as CFD and make massive returns when they make correct predictions using the ATFX platform. ATFX is amongst one of the best trading platforms for buying and selling Dogecoin as CFDs. Often trading Dogecoin as CFD gives investors the maximum return over investment (ROI). To trade Dogecoin today as CFD, one needs to visit the ATFX website to sign up for an account with this broker for buying and selling Dogecoin and other cryptocurrency CFDs.
Other points to note about Dogecoin
Dogecoin was created in 2013 by two software engineers, Billy Marcus and Jackson Palmer. After its creation, they later branded the coin’s logo using a popular meme that deliberately misspelt the word “doge” to describe a Shiba Inu dog. Dogecoin was later used to poke fun at Bitcoin as the only coin designed to overtake Bitcoin’s price within a short time. Dogecoin has witnessed a rapid price surge since its creation, reaching an all-time high last year at $0.73995, less than 30 cents from $1.
