What’s the Perfect Time to Add More Dogecoin to Your Portfolio?
Dogecoin Market Update
For another day in the market, the price action of DOGE has been curbed by strong resistance. The price of the asset in the market had risen to $0.06064, which is the highest price in the range and has nosedived to its formal level in the bounded area. The total fall in a week has been about 4.66%, but in comparison to the monthly chart, the overall increase is about 5.4%, according to the market data released on the CoinMarketCap website.
After trading sideways for quite a while, the digital asset does not have a predictable and accurate trend and has been susceptible to the influence of comments from memes and the people like the Tesla CEO on Twitter.
The crypto market of Binance has been the biggest share contributor to the overall trading volume of Dogecoin and is currently trading on Binance at a 0.5% premium. There has been a decrease of about 24% in the volume on a 24-hour range which implies that more DOGE coins are probably shifting from the exchanges to wallets and storages.
This scenario is time-sync with when the decentralized tokens and altcoins with big capitalization are recoiling from the lows on the monthly range.
The Future Outlook of the Meme Coin
Despite been tagged as a “meme coin,” the asset has the support of Elon Musk, who requested that the coin be listed on the biggest crypto exchange in the US, Coinbase. The open-source code of the coin has seen different updates on Github. These updates and technical development began since it started trading on exchanges.
These updates imply that there will be a bullish trend on a long-term basis with just the fundamentals. But based on recent analysis, there is a bearish bias among the retail traders.
Currently, about 86% of the coin holders are in profit. But some traders entered late at a peak price and are patiently waiting for a sustainable price action over the $0.06 mark and sufficient liquidity.
The general outlook of Dogecoin is bearish; however, based on the market trends, it will be just an accumulation phase just before there will be additional updates in the code and new listing as well.