Analyst Suggests Purchasing Dogecoin (DOGE)

Crypto trader and analyst Crypto Rover said he is bullish on Dogecoin (DOGE) as the cryptocurrency meme may fall to new highs in recent weeks.

According to the crypto data collection site CoinMarketCap, DOGE is trading at $0.07343 today, following a slight price decrease of 0.05% on the day. As a result, the symbol is trading closer to its daily low of $0.07323 than the daily high of $0.07396.

The decrease in the price of DOGE also led to the weakening of the coin, linked to the two market leaders Bitcoin (BTC) and Ethereum (ETH). Dogecoin is currently 0.22% against BTC and 0.38% against ETH.

The weekly rate is still up 1.77%, and the 24-hour trading volume for the day is down more than 50% to $137,654,992. Recently, DOGE’s price regained its position above the 9-day EMA line and is about to do the same to the 20-day EMA line.

Dogecoin
Dogecoin

However, the slightly negative slope of the daily RSI line indicates that the indicator has lost some of its momentum and therefore will not be able to overcome the long EMA level. If the bulls enter before the end of the trading session, there is a chance that the price will turn the stop level of $0.07737 into support.

The same thing can happen at the next stop level at $0.08193. On the other hand, today’s close below the 9-day EMA line could see it fall to $0.06926 in the next 48 hours.

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