RSI: Highly Overbought.
MACD: Alarming that we are in danger zone.
As much as I love technical analysis, BUT, I think in this situation technicals don't matter much. As you know there is a movement to push Doge to $1 all over social media and specifically Reddit. Dogecoin subreddit just gained more than 500K new members and it's the second top growing community after Wall Street Bets in Reddit. However, what these kids don't know is that in order to have $1 Doge, its market cap should be 128 Billion Dollar, since the current circulating supply of Dogecoin is that much. It means that Doge should be ranked third in crypto market after Bitcoin and Ether. So is that possible? I'd say yes. But in order that to happen the total crypto market cap should grow and I don't think Doge alone can reach that milestone, or at least anytime soon. It may happen though by the end of the year, as crypto market cap grows.
That being said, I think there is still life in this movement. I would say that this week the price should be somewhere between $0.1 and $0.2, and it will drop/consolidate from there.
What do you guys think? Let me know in comment section below and let's discuss.
MACD: Alarming that we are in danger zone.
As much as I love technical analysis, BUT, I think in this situation technicals don't matter much. As you know there is a movement to push Doge to $1 all over social media and specifically Reddit. Dogecoin subreddit just gained more than 500K new members and it's the second top growing community after Wall Street Bets in Reddit. However, what these kids don't know is that in order to have $1 Doge, its market cap should be 128 Billion Dollar, since the current circulating supply of Dogecoin is that much. It means that Doge should be ranked third in crypto market after Bitcoin and Ether. So is that possible? I'd say yes. But in order that to happen the total crypto market cap should grow and I don't think Doge alone can reach that milestone, or at least anytime soon. It may happen though by the end of the year, as crypto market cap grows.
That being said, I think there is still life in this movement. I would say that this week the price should be somewhere between $0.1 and $0.2, and it will drop/consolidate from there.
What do you guys think? Let me know in comment section below and let's discuss.
