In a recent video analysis, DataDash, a popular altcoin trading and analytics channel, shared its views on Dogecoin (DOGE). He highlighted the coin as a safe bet for traders and investors looking to diversify their altcoin portfolios. Despite the possibility of a 5-7% drop in prices in the short term, the analyst expressed his optimism regarding DOGE’s long-term growth prospects. Here are the details…
Altcoin analyst points to DOGE
DataDash analyst believes DOGE presents an attractive opportunity for smart money investors, who are likely to start accumulating meme coins at current price levels in the coming months. Also, the analyst outlined a golden scenario where he would allocate substantial capital to a long position in DOGE. According to the analyst, it would be an ideal buying opportunity for DOGE if its price drops as low as $0.02. However, if DOGE fails to reach this level, investors and traders are advised to watch the coin’s monthly chart for flat price action that could signal a medium-term buying opportunity. Such a development could pave the way for a multi-month rally in DOGE’s price.
In the past 24 hours, Dogecoin, like many other cryptocurrencies in the market, has experienced a drop in price. DOGE, which traded at $0.05992, fell more than 3% to more than 91 percent below its all-time high reached in May 2021. During this period, DOGE was closer to the daily low of $0.05895 and the 24-hour high of $0.06204. As a result, the coin’s weekly performance remained in the red zone, down 11.69 percent. However, there was a notable increase of over 36 percent in DOGE’s 24-hour trading volume, reaching approximately $259 million at the time of reporting.
There is a positive outlook for the long term
While recent price fluctuations have affected DOGE’s short-term performance, DataDash analyst’s long-term outlook remains positive. With the expectation of smart money investors to accumulate meme coins in the near future, DOGE offers an interesting opportunity for those interested in the cryptocurrency market.
As always, investors and traders are advised to do extensive research and consider their own risk tolerance before making any investment decision. Known for its meme-inspired origins, Dogecoin continues to attract the attention of the crypto community. It will no doubt remain a fascinating asset to watch over the coming months. Time will tell how the coin will move in the coming period.
