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Dogecoin Price Prediction: DOGE Struggles to Recover!

Dogecoin Price Prediction: DOGE Struggles to Recover!

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Meme coins are created to mock the success of Bitcoin, so it is not a good long-term investment or an asset like Bitcoin. Due to the current market scenario, even meme coins are trying to expand their use cases so that they can sustain themselves in the long term. Dogecoin is one such example.

It is a recently launched blockchain platform that allows DOGE community users to run applications such as DeFi, NFT and games. In this way, it makes the “people coin” more than a meme coin. More than 5,80,000 wallets were created after launch, making it a big success for a platform like Dogechain. It shows the potential of meme coins.

If you are interested in long-term investing, note that Dogecoin is down more than 90% from its all-time high, which may not make it a suitable coin for long-term holdings, but many people are using this as an opportunity for the long term. -temporary capital gains.

Dogecoin is indeed unique as it provided over 1000% return in just 2 years. Thanks to the media presence and Elon Musk’s strong support. Many retail investors joined the bull rally for short-term capital gains. Read ours Dogecoin Prediction know about the predictions for the coming years!

After taking support at around $0.05, Dogecoin recently reached a high of $0.089. After that, it changed momentum and is now in a downtrend. Candlesticks have consolidated between $0.055 and $0.077.

Now the candlesticks are forming around the baseline of the Bollinger bands, rising MACD and RSI are reflecting a possible uptrend, but we believe it will strengthen in the next few weeks. $0.06 is a good price to buy this coin in the short term with a target of $0.07.

DOGE PRICE ANALYSISAfter hitting an all-time high of $0.7376, DOGE is now finding support at around $0.04. We do not recommend meme coins for long term holding as they are mainly affected by community news.

Any major news about Dogecoin can disrupt any fundamental and technical analysis. So if you are active on social media or you are an active cryptocurrency investor you can invest in DOGE but overall Dogecoin is good for short term profit.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

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