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DOGE called the ‘easiest trade’ of this cycle by market analyst

DOGE called the ‘easiest trade' of this cycle by market analyst

The majority of assets in the cryptocurrency market are starting to move in a more positive direction after weeks of stagnation, and Dogecoin (DOGE) is no exception, with crypto trading expert Michaël van de Poppe highlighting the simplicity of its price movements.

Indeed, Dogecoin has not made many significant movements in either direction in 2023, but since early July, it has moved slowly but steadily towards the upside, making it the “easiest trade of them all this cycle,” as van de Poppe observed in an X (formerly Twitter) post he shared on August 9.

Dogecoin price action. Source: Michaël van de Poppe

Earlier, van de Poppe listed Dogecoin as one of the top three altcoins he was looking to trade for the upcoming months in a video analysis streamed on his YouTube channel on August 3. As he noted, DOGE was moving largely sideway in 2023, but he was also looking at another move during this month.

As explained, this is because DOGE was “picking up some momentum,” taking all the lows, and looking to take a higher low, in which case it was “highly likely we’ll have an upwards run,” and looking at a range higher at $0.1, particularly considering the strong possibility of the dog meme cryptocurrency implemented in the X ecosystem.

Dogecoin price analysis

At press time, Dogecoin was changing hands at the price of $0.076, representing an increase of 2.35% in the last 24 hours, declining 1.84% across the previous seven days, and accumulating a gain of 17.05% on its monthly chart, according to the latest data.

Dogecoin 30-day price chart. Source: Finbold

Meanwhile, the top factors that could help DOGE continue upward are the continued support of Tesla (NASDAQ: TSLA) and X CEO Elon Musk, increased institutional interest, widespread adoption and use cases, technological innovation, and a more favorable regulatory environment.

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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