Data from CoinGecko shows that Dogecoin (DOGE), a cryptocurrency famous for its blockchain that was inspired by a popular dog meme, has increased by 3% during the last day. At the time of writing, DOGE is trading at around $0.085, up 5.5% from last week’s low of $0.08. The cryptocurrency’s 100 and 200 day moving averages, both of which are now at $0.081, have witnessed a significant uptick.
The rise in Dogecoin pricing is seen to be consistent with a larger rise in cryptocurrency values, driven by Bitcoin. With inflation forecast to decrease this week on an annual basis, the positive movements in the cryptocurrency market signal that investors are looking forward to more favorable financial circumstances. In order to assess their influence on the prognosis for US economic growth and the Fed’s policy orientation, experts and traders will be keenly observing the publication of crucial US inflation, retail sales, and consumer sentiment data, as well as the FOMC minutes, this week.
Despite its recent improvements, DOGE is still down considerably from both its Q4 2022 highs and its May 2021 all-time highs—nearly 90% from both. However, it looks that the price of the cryptocurrency has been rising since early March, and the fact that DOGE has found support at both its 100-day and 200-day moving averages is more evidence that this upward trend is still technically valid in the near term. As a result, it is expected that Dogecoin will rise beyond the $0.06-$0.10/11 band that has been active since late December.
Concerning the question of whether it is “too late” to purchase Dogecoin, experts argue that this is a poor way to approach the market. Investors should instead think about the asset’s price prognosis and risk-reward ratio. Investors can think about committing a part of their portfolio to the asset if they feel the medium- to long-term prognosis for Dogecoin is favorable. According to historical data, now can be a good moment to buy DOGE, but buyers should always do their own research and comprehend the asset they are buying completely.
