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Crypto analyst identifies crucial price levels to watch for Dogecoin

Crypto analyst identifies crucial price levels to watch for Dogecoin

After Tesla (NASDAQ: TSLA) CEO Elon Musk finalized his Twitter (NYSE: TWTR) purchase deal, one of his favorite cryptocurrencies – meme token Dogecoin (DOGE) – skyrocketed, leading crypto analysts to try and predict where its price might be going in the near-future.

Considering its behavior on the charts, there are several important levels to watch in order to predict the future price of Dogecoin, as identified by crypto trading expert and analyst Michaël van de Poppe in a tweet on November 1.

How to play DOGE at this point?

According to Van de Poppe’s analysis, $0.15 is the area for short region scalping of the decentralized finance (DeFi) token. At the same time, $0.13 is reserved for long scalping, or as he more specifically explained, “primarily area to hold, but probably playing scalp long.”

Dogecoin price action analysis. Source: Michaël van de Poppe

Furthermore, the expert identified $0.11 as the region for “bounce long area here for some scalps of 5-15%”, as well as $0.085 for “swing longs.” This, as Van de Poppe explained, is how he personally would be “playing DOGE at this point.”

DOGE price analysis

At press time, DOGE was trading at $0.138, which represents a drop of 5.65% on the day, but is still a three-figure weekly jump of a whopping 108.46%, adding up to the dog-themed coin’s monthly growth of 130.44%

Dogecoin 7-day price chart. Source: Finbold

Meanwhile, Dogecoin’s market capitalization currently stands at $18.19 billion, making it the eighth-largest cryptocurrency by this indicator, as per data retrieved by Finbold on November 2.

It is also worth noting that the number of Dogecoin-made millionaires or retail investors turned into millionaires by their DOGE investments has recently gone back above 1,000 after it fell below this level in mid-2022 due to a broader crypto market bearishness and a Dogecoin downtrend.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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