Dogecoin (DOGE), the cryptocurrency that powers the decentralized, payments-focused, dog meme-inspired Dogecoin blockchain, was last up around 3% in the last 24 hours, as per data from CoinGecko.
DOGE was last changing hands around $0.085, up around 5.5% from last week’s lows in the $0.08 area, with the cryptocurrency having seen a solid bounce from its 100 and 200-Day Moving Averages, both of which are currently around $0.081.
Dogecoin is rallying in tandem with a Bitcoin-led move higher in broader cryptocurrency prices, which comes ahead of a very busy week on the US macro front.
Analysts and traders will be monitoring the release of key US inflation, retail sales and consumer sentiment data, as well as the FOMC minutes this week, and assessing how this data impacts the outlook for US economic growth and the Fed’s policy direction.
Positive moves in crypto markets imply that markets are taking the view that easier financial conditions are incoming, with inflation expected to moderate substantially this week (on a YoY basis, anyway).
While it’s certainly been a positive start to the week for Dogecoin, recent moves are small compared to the violent price swing seen earlier this month.
Dogecoin pumped as much as 35% after Twitter changed its logo to the Dogecoin dog, before then reversing near enough of the entire move over the course of a few days last week.
Price Prediction – Where is Dogecoin Headed Now?
Though Dogecoin is currently about 20% below its earlier monthly highs in the $0.10 area, the cryptocurrency appears to be in an uptrend going all the way back to early March.
The fact that DOGE found support so well at its 100 and 200DMAs is further confirmation that this uptrend remains technically valid, in the short-term, at least.
That suggests that Dogecoin is likely to push upwards towards the top of the $0.06-$0.10/11 range that has been in play now going all the way back to last December.
Is it Too Late to Buy Dogecoin (DOGE)?
Asking whether it is “too late” to buy an asset is never a good way to think about the market.
The only questions an investor should be asking are those relating to the asset’s price outlook and risk reward.
If an investor thinks the Dogecoin outlook in the medium to long term is good, then they should consider allocating a proportion of their portfolio to the asset.
But to answer the question “is it too late” to buy Dogecoin more directly, no it probably isn’t.
DOGE is still down nearly 90% from its all-time highs hit back in May 2021 and is down around 40% versus its Q4 2022 highs.
That means that anyone buying Dogecoin right now is arguably still “buying the dip”, or at least not buying DOGE at highly overpriced levels.
Blue chip coins like Bitcoin and Ether are already in bulls markets as banking crisis/recession concerns lead push market to bet on a Fed rate-cutting cycle later this year and this could continue to offer Dogecoin tailwinds.
From a historical perspective, now is arguably a good time to get into the market, but investors should of course always do their own research to make sure they fully understand the asset they are investing their hard-earned cash into.
Love Hate Inu (LHINU) – A Dogecoin Alternative to Consider
The fact that Dogecoin is already so famous and well known and already has such a massive market capitalization makes 10xing from current levels more difficult.
Investors might therefore want to consider investing in some lesser-known coins that potentially hold a better likelihood of seeing exponential gains.
A great new meme coin to consider is Love Hate Inu, a new dog-meme-inspired social media polling platform that has been taking the internet by storm in the last few weeks.
To fund the development of its revolutionary vote-to-earn platform, Love Hate Inu is currently conducting a presale of its LHINU token.
The presale has been a huge success, with Love Hate Inu having already raised a massive $3.5 million and the presale will soon enter stage 5.
Analysts at Cryptonews.com have ranked Love Hate Inu as the hottest presale of 2023 and many think the cryptocurrency could see big gains when it ICO’s later this year.
