There is hardly any denial in the fact that the incredulous announcement of Dogecoin being listed on the Binance Exchange, literally made the coin witnessed an enormous surge, up to $0.0046, in its price in no time.
However, quite unfortunately, the coin failed to maintain that position for long. It gradually dropped to as low as $0.0028.
How Is Dogecoin For Long Term?
The brief answer to this question might not be very optimistic. However, there is still a ray of hope.
This is so because, considering the month to month opening at 30 Satoshis, the coin’s cost can be seen diminished by 18% against Bitcoin.
While on the other hand, the crypto is currently quelled with rough value activity, which clearly indicates the absence of any notable trading interest.
Truth be told, the Dogecoin can still jump to the levels of $0.00322 or 0.$0035 to almost $0.0045 only if it’s able to push itself above the 0$0.0030 level.
In fact, the crypto has arrived at the most elevated condition on the Stochastic RSI and now the cost may tumble to close support.
Let’s Talk About The Short Term Prediction
The current scenario is perhaps unfavorable for Dogecoin as quite similar to the Long Term, the Short Term for Doge is not too bright.
Well, this quite clearly indicates the market is right now overwhelmed not by buyers but sellers. As should be obvious now, the market is drawing closer $0.0028 and as far as the supports are concerned, they lie at $0.0027, $0.0026 and $0.0025.
While on the other hand, DOGE/USD is required to skip to $0.0029 on the upside if the channel’s lower limit can offer help for the market. In the event that the market can effectively outperform the $0.0029 level, we may see the following key protections at around $0.003, $0.0031 and $0.0032, retesting the August 5 high.
Most imperatively, the fact that must be kept in mind is that since the RSI is looking at the bottom because the recent price drops in the market, it clearly indicates that the majority of the traders are selling off their positions.