Trading | 4 months ago
Dogecoin Which is the fourth largest cryptocurrency in the world by market capitalization, has gained by about 30% in the last week. If we talk about the monthly gains of Dogecoin, then so far in this month Dogecoin has gained about 40%. These massive gains were reported after the tweets of Tesla CEO Elon Musk. The widespread understanding about the Dogecoin among the traders, individuals and investors is also contributing to the massive gains of Dogecoin.
As usual after a huge rally, Dogecoin is consolidating at 0.47 price level. It is expected to revisit the 0.45 level which is an important support zone for Dogecoin. From this level, we may see a huge bullish momentum in Dogecoin which will create a new all-time high. Fortunately, Elon Musk announced that he will be working with Dogecoin (DOGE) developers to make DOGE transactions more efficient as compared to Bitcoin and Ethereum.
Many known personalities including Mark Cuban are influencing Dogecoin price movement these days via a series of tweets and announcements. Coinbase, which is currently the largest platform in the world to trade crypto currencies has announced that it would list Dogecoin (DOGE) for trading on their platform in few months. Many high-profile investors and high net worth individuals are using the Coinbase trading platform. After the listing on Coinbase trading platform, Dogecoin may get an overwhelming response from the traders across the world.
Dogecoin is a very volatile speculative asset so a massive change in the price should not shock you as a trader. The long-term technical outlook for Dogecoin is bullish. One must look for buying opportunities in Dogecoin at support level of 0.45 or 0.50 as 0.50 is an important psychological level for traders.
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