Cryptocurrency analysts identify critical price levels to watch for Dogecoin

After Tesla (NASDAQ:TSLA) CEO Elon Musk finalized his deal to buy Twitter (NYSE:TWTR), one of his favorite cryptocurrencies — the Dogecoin (DOGE) meme token — surged, prompting crypto analysts to try to predict where it might go. its price. . near future.

Due to its behavior on the charts, there are several key levels to look at to predict the future price of Dogecoin, as identified by crypto trading expert and analyst Michaël van de Poppe at tweet On 1 November.

How do you play DOGE at this point?

According to Van de Poppe’s analysis, $0.15 is a short-term scalping area for the Decentralized Finance (DeFi) token. Meanwhile, $0.13 is reserved for long speculation, or as he put it more specifically, “essentially a holding zone, but potentially playing a long scalp.”

Dogecoin price action analysis. source: Michael van de Poppe

In addition, the expert identified $0.11 as a “long bounce here for some 5-15% scalp” area, as well as $0.085 for “swing long trades.” This, as van de Poppe explained, is how he could personally “play DOGE at this point”.

DOGE price analysis

At press time, DOGE is trading at $0.138, which is a 5.65% drop on the day, but still a three-digit weekly jump of 108.46%, adding to the dog-shaped coin’s monthly growth of 130.44%.

Dogecoin 7-day price chart. source: quinphone

Meanwhile, Dogecoin currently has a market capitalization of $18.19 billion, making it the eighth largest cryptocurrency according to this index, according to data retrieved by Coinphony on November 2.

It is also worth noting that the number of Dogecoin-making millionaires or private investors turning into millionaires through their investments in DOGE recently rebounded above 1,000 after dropping below that level in mid-2022 due to a broader bear crypto market and a downtrend for Dogecoin . .

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Cryptocurrency analysts after identifying crucial price levels to watch for Dogecoin first appeared on Coinphony.

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