With the announcement of the DOGE to ETH bridge, DOGE is off the charts today. Is it time for the DOGE dog to moon? Or, this is a fake out?
Truth is, I've been bullish on Doge for a long time. This is purely trader thinking based on the charts. I don't see much fundamental value in the Dogecoin, other than it being a clone of early bitcoin. But in the end of the day, what makes a basic payment coin, with similar code better than another.? Really, this comes down to market sentiment. While 'modern' bitcoin has seen some forks, DOGE's code, as I understand is very close to the original bitcoin code, yet is worth much less. That alone is not a reason to buy. But the chart is, with it eventually pointing north of 10 cents. Sentiment speaks, and someone is buying, at least for a trade.
Don't worry. I see no cause for DOGE competing with Bitcoin in price base even though the code is similar. But the chart does suggest that the coin continues to find liquidity from traders like me who love its volatility that quite often exceeds Bitcoin's volatility.
The challenge with this chart is it is a large ABC in the making. This is not the typical 5 wave structure us Ellioticians look for to trade. That means we can have many of our trade signals thwarted by the market and the chart will see more 'morphs' than we see in a standard impulse. Yet we've seen a very tight flat correction since January, in proportion to its long term movement. This should be bullish to any market technician no matter which method. This move up may be signalling that correction is over. However, first I do need to see 5 waves here, as is standard in the start of a C wave. If we continue to push, holding .0038 from here, and completing 5 waves, I'll assume wave 1 of C is done and we'll pull back for the larger move.
Many pumps like this have failed in the market lately. But that's a symptom of a bear market. This isn't the symptom of scams or other irregularity as many like to blame. If you were trading post NASDAQ tech wreck in 2000, like I was, you saw the same thing in biotechs, or bioslime as some would say. Some of those stocks are still with us, some aren't. More importantly, rallies in thes stocks sold in the 2000-2003 bear market. And, so we've seen seen the same phenomenon in coins since January.
If we are near a bottom, we may see some of these pumps begin to hold. Is it DOGE's turn? I don't know. If we break support the red B wave path, is the likely level lower- slightly lower than the bear market bottom we've just seen. But if we can fill the white count out, I'll look higher.
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I don't know..i buy doge when low,and sell all at pump.That works great for me. :)
I would take quick profits from this one. DOGE is a joke. Literally. Its team doesn't care about it and I don't see it succeeding in the long run. If I was holding then I would set some stop losses and update them frequently. I would not buy.
Whatever..just trade it and take profits. :)
Yep people tell me that all the time, but I don't trade fundamentals. Of course I have a stop. I do on every trade.
nice!
Great article, maybe you are interested in the one in these links related to cryptocurrency,bitcoin:
Demonetisation Was A Failure! Banning Cryptocurrencies Would Yield Similar Fate? by firepower
Dogecoin and Dogethereum, Such WOW by drakos
A story by lifenow
Bitmex Rekt Like A Pro 50x Talk #bitmex #BTC #BITCOIN by sku77-poprocks
BTC - First Resistance line broken - Diagonal resistance line is blocking us by cryptopassion
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65% increase in its value. I think people loving it.
Is there a possibility for doge to go $1.00 a coin?
I cannot get a projection to $1 yet.
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i just heard that Dogecoin is devalueing again. Is this a market correction?Or, is this the beginning of the decline?
I haven't heard that. But if you're familiar with Tesla stock, as an analogy, they've diluted shares since the beginning, well as long as I remember. But the market hasn't eaten up. It's a great example of sentiment not caring for crappy fundamentals (from a balance sheet perspective). With respect to whether this ultimately breaks out, or follows the red path, is down to price action. So far it bounced off .0045. I took some profit, but will decide the rest based whether this bounce can stick.
you and I both.I just want to see how this whole dogethereum bridge will affect the currency.I am honestly holding on to my doge because I feel that it might be worth more than it is today.
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Big Week In Crypto.Because come my post :)
I see doge remaining as the top meme coin for the next few years but I would not put my money into a memecoin that has more than doubled in the last few days.
This post has received a 44.36 % upvote from @boomerang.
I don't know why people have started to talk about Dogecoin again.This coin almost went into oblivion before.The price of it keeps going down and down.There are only a few websites or platform which accept Dogecoin.I don't know who buy Dogecoin these days.
I think it is one of the cheapest cryptocurrency of the world right now.So mining Dogecoin could be a good idea.It is because mining Dogecoin is very easy than mining any other cryptocurrency.Who knows if the price of Dogecoin suddenly goes up then the people who hold a lot of Dogecoin today can be the real gainer.
https://dogemoon.cc DogeMoon closed. scammmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
I usually use the word scam for something that is not transparent. The creator of Doge has been open that the whole thing is a joke. He's been quite transparent, to the point of being on NPR, saying the whole thing was silly. Yet the market still has bought it at times. Why? (rhetorical)
I mine dodge and hold it until it pumps then I trade it for some other crypto currency, My latest trade was for EOS,
I do like EOS. Far more than DOGE. I wrote a post on it a few posts back.
Great article thanks for the information. I am curious to see where DOGE goes as i feel it's sometimes considered just a big joke.
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wow, very crypto, much awesome.
Dogecoin to the moon.
much Elliot. TA wow.