Altcoins

Is This Perfect Time to Buy Dogecoin? Here’s What Technicals Hint For DOGE Price

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Aug 26, 2022

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After hitting a significant resistance level, downward forces began to restrict the price of DOGE. Since then, this cryptocurrency’s price has been fluctuating at a lower level. Despite the fact that Doge has been trading at very little gain for a while, it appears as though signs of a recovery are already visible on its trading chart.

Dogecoin’s index for fear and greed is 35, which indicates that it is moving into the “fear” zone. In this regard, the market benefits. Dogecoin, the first and most widely used canine cryptocurrency, is now scoring 35 out of 100 on the Fear and Greed index, indicating that it is in the “fear” category.

This indicates that there is a lot of FOMO in the market, which, according to the alternative.me portal, which created the index, could indicate a purchasing opportunity for the token, indicating that the market is rising.

The RSI curves have also crossed each other and hit the oversold region. Even yet, it continues to weave and move sideways. As long as purchasers keep buying at this price, bullish momentum will keep building and the price of Dogecoin will finally rise. Traders can buy at this price or set up a pending buy order around $0.07092 to get in on the trend as it starts to take shape.

Dogecoin Fundamentals

The launch of a Doge-Ethereum bridge is anticipated for later this year. Users will be able to send DOGE to the ethereum chain and receive it back thanks to this. A DAO including the dogecoin Foundation, BitGo, Blue Pepper, and MyDoge as founding members will be in charge of managing the bridge. It will dramatically increase the usability of DOGE by enabling its use in smart contracts, decentralized  financial applications, and NFT marketplaces. 

Dogecoin is becoming more widely used. BlueBit.io exchange, which was created this year and has offices in St. Vincent and the Grenadines and Dubai, recently added it. The DOGE competitor shibatoken was also offered on the platform earlier.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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