Technical Analysis:
DOGE does not have high enough levels on the Stochastic RSI for the price to increase above the resistance, currently the MACD and the KST (Know Sure Thing) are also showing a bearish divergence, similar to the pattern repeated in the past.
Expect a long correction before another possible outburst as volume decreases and hype wears down.
Doge continues to follow its patterns and I would wait until a bullish divergence on the MACD as that has been the signal for each buying opportunity I have seen with Dogecoin in the past.
Fundamental Analysis:
Dogecoin is a blockchain similar to Litecoin or Bitcoin, like Litecoin it is built on the Scrypt algorithm, Dogecoin has an average of 1 minute blocktimes with around an average of $1 fees/transaction.
Currently there are much better options for blockchains to be used as a 'daily' blockchain but there is a possibility due to the friendliness of this coin that it could ignore all technical analysis.
Personal Philosophy on trading:
Generally when there is doubt, that is a good time to buy, when there is hype, expect a correction.
P.S:
I have exited my position now and will wait until a better price for re-entry as most of the price increase that is occurring now is people selling off their positions/market manipulation from what I can see based on just analyzing the order book.
I still like DOGE, don't get me wrong, but I also like to be strategic about these types of things and don't see the price having a larger increase for a while at this particular point, outside of a possible hype driven storm, but again, we have to look at supply and demand and currently it is about 50/50 which will cause the price to become stable around the current range of .28 - .30 for now, possibly showing some dips lower for an extended time period.
I like to be honest with myself and the chart without having 'hype' factor really being a deciding factor in a trade, as most of trading in my eyes is similar to a physics problem, not a philosophical one.
Imagine if people just sent rockets into the sky without proper analysis just because people were excited, that probably wouldn't go well overall.
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Good luck to all.
DOGE does not have high enough levels on the Stochastic RSI for the price to increase above the resistance, currently the MACD and the KST (Know Sure Thing) are also showing a bearish divergence, similar to the pattern repeated in the past.
Expect a long correction before another possible outburst as volume decreases and hype wears down.
Doge continues to follow its patterns and I would wait until a bullish divergence on the MACD as that has been the signal for each buying opportunity I have seen with Dogecoin in the past.
Fundamental Analysis:
Dogecoin is a blockchain similar to Litecoin or Bitcoin, like Litecoin it is built on the Scrypt algorithm, Dogecoin has an average of 1 minute blocktimes with around an average of $1 fees/transaction.
Currently there are much better options for blockchains to be used as a 'daily' blockchain but there is a possibility due to the friendliness of this coin that it could ignore all technical analysis.
Personal Philosophy on trading:
Generally when there is doubt, that is a good time to buy, when there is hype, expect a correction.
P.S:
I have exited my position now and will wait until a better price for re-entry as most of the price increase that is occurring now is people selling off their positions/market manipulation from what I can see based on just analyzing the order book.
I still like DOGE, don't get me wrong, but I also like to be strategic about these types of things and don't see the price having a larger increase for a while at this particular point, outside of a possible hype driven storm, but again, we have to look at supply and demand and currently it is about 50/50 which will cause the price to become stable around the current range of .28 - .30 for now, possibly showing some dips lower for an extended time period.
I like to be honest with myself and the chart without having 'hype' factor really being a deciding factor in a trade, as most of trading in my eyes is similar to a physics problem, not a philosophical one.
Imagine if people just sent rockets into the sky without proper analysis just because people were excited, that probably wouldn't go well overall.
---
Good luck to all.