Here is my view on Dogecoin over the next couple years. Note, this idea is similar to the one for Cardano I put out, which is another altcoin who has survived AND grown over 2 cycles, unlike many.
The white line portrays the general path I expect DOGE to take to new highs, which will be kickstarted by bitcoin's halving estimated to be in April 2024. Price deviations above the yellow/medium or red/high risk bands could suggest profit taking prior to the halving. Additionally, in dogecoin's last crypto winter, it was optimal to purchase when the weekly RSI was below 40, which we have recently dipped below. I'd expect further downside from DOGE in the coming months, as most alts are continuing to bleed back to bitcoin in this phase of the cycle.
When considering the next peak, the time lapses from the prior highs provides a decent range of when we could expect it. My estimate for the next high could range from $2 up to $10 in an extreme scenario. It may largely depend how hard the Billionaire's like Elon and Mark Cuban pump it at that time.
I have been building a position with buy prices below $0.065 and have taken profits occasionally when any Elon shenanigans drive the price to unsustainable levels, > $0.09.
The white line portrays the general path I expect DOGE to take to new highs, which will be kickstarted by bitcoin's halving estimated to be in April 2024. Price deviations above the yellow/medium or red/high risk bands could suggest profit taking prior to the halving. Additionally, in dogecoin's last crypto winter, it was optimal to purchase when the weekly RSI was below 40, which we have recently dipped below. I'd expect further downside from DOGE in the coming months, as most alts are continuing to bleed back to bitcoin in this phase of the cycle.
When considering the next peak, the time lapses from the prior highs provides a decent range of when we could expect it. My estimate for the next high could range from $2 up to $10 in an extreme scenario. It may largely depend how hard the Billionaire's like Elon and Mark Cuban pump it at that time.
I have been building a position with buy prices below $0.065 and have taken profits occasionally when any Elon shenanigans drive the price to unsustainable levels, > $0.09.
Comment:
DOGE is rallying due to the twitter hype, which so far has only been short lived in the past. Therefore, I swapped about 1/4th of my Doge bag to Cardano for now.
Comment:
I've been continuing to DCA cardano, doge, and bitcoin weekly at these price levels at a proportion of 10/10/80%, respectively. I'm waiting to swap btc to eth until eth's price corrects under about $1,300. The reason for this is that the ETHBTC valuation remains quite elevated compared to most altcoins at this stage.
Comment:
This strategy has been playing out well, and I probably won't take profits until we're back above the 200 week MA.