Meme coin Dogecoin (DOGE) has surprisingly shown a lack of volatility in recent days. Despite this, the coin is seeing some decent gains. In fact, we see the token rallying by at least 15% in the coming days. More on why this will happen below but first, here are some notable highlights:
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The 15% surge will take DOGE well above $0.16 with the potential of growing even further in the days ahead.
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At the time of writing, DOGE was selling for $0.14, up around 1.5% during the day.
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Despite the positive outlook, the bullish uptrend is likely to be short term with selling pressure sweeping in after.
Data Source: Tradingview.com
Dogecoin (DOGE) – The price action and prediction
With a market cap of around $18.8 billion, DOGE is the 11 largest cryptocurrency. For a meme coin, that is no easy thing. After slumping for most of January, we have seen some decent recovery.
The token is up around 2% for the week and with the predicted 15% run, it could go even further. This comes after DOGE crashed by nearly 35% within six days starting January 16th.
But it has consolidated around $0.14, making it a good target for buying activity. If indeed the coin is able to rally well above $0.16, then it is not impossible for it to test its 100-day simple moving average of around $0.19.
Is Dogecoin a good buy?
It really depends on your investment goals. in case you want an asset to speculate on the volatility of the crypto market, then yes, DOGE is a decent asset to buy.
DOGE is also a good bet for investors who want to buy and hold for a short period of time. This is because, like all meme coins, DOGE is highly volatile and quite risky as well. But despite this, there are people who have made fortunes from these coins.