Dogecoin Price is Rising, Is It a Right Time to Buy DOGE?

Bittime - Dogecoin price has recently shown a significant surge, following in the footsteps of Bitcoin and Ethereum. DOGE managed to break the resistance level at $0.320, which marked the start of an uptrend. 

With that said, investors are starting to wonder if this is the right time to buy DOGE tokens. Read this article to find out more!

Dogecoin Price Hits $0.40 Level

This strong Dogecoin price movement was marked by DOGE successfully passing several resistance levels, including $0.35 and $0.40. 

This resistance level was previously quite difficult to break, but this time DOGE managed to rise to $0.4342 before experiencing a small correction. 

With this upward trend, Dogecoin has the potential to continue its positive trend and aim for the next resistance level.

Read Also: DOGE Price Rebounds, Here's the Analysis!

Dogecoin Price Today

Source: Bittime.com

When this article was written, the price of Dogecoin experienced a mild correction and fell slightly below $0.40, to be precise $0.39 or Rp. 6,232.2. 

However, analysts predict that this level is only a temporary correction, as DOGE still has strong support in the $0.3850 and $0.3650 zones. 

There is a high probability that the price of Dogecoin will rise again if it manages to stay above this key support level.

Dogecoin Price Bullish Pattern

The current upward trend in Dogecoin prices is reinforced by the bullish trend line forming on the DOGE/USD pairing chart, with support around the $0.3870 level. This trend provides an indication that DOGE still has a chance to climb higher. In the near term, the key resistance levels to break are at $0.400 and $0.4150. If the price of Dogecoin manages to pass this level, then it will most likely head to a higher level, namely around $0.4320. 

If this upward trend continues, the next target could be $0.4500, potentially even reaching the $0.4650 level. This certainly provides an opportunity for investors to consider purchasing DOGE tokens amidst this upward trend.

Read Also: Dogecoin Passes XRP Based on Market Cap

Possibility of Dogecoin Price Experiences Correction

Even though Dogecoin price is currently on an uptrend, the risk of a price correction still exists. If the DOGE price fails to break the resistance level at $0.4150, there is a possibility that the price will experience a temporary decline. 

The first support level to watch is $0.3870, which is a key trend line to maintain bullish momentum. If the support at $0.3870 is unable to hold the price, then the next support targets are at $0.3715 and $0.3420. 

If the price falls below the support level of $0.3420, then Dogecoin price has the potential to drop lower to around $0.3150 or even $0.300 in the near future. 

However, this scenario is less likely to occur as long as the bullish trend continues to be supported by high trading volume.

Prediction of Dogecoin Price is Rising

Based on the explanation above, it can be concluded that the possibility of the upward trend in Dogecoin prices continuing is very high compared to the possibility of experiencing a correction. 

So, bFor those of you who are interested in buying DOGE tokens, this moment could be a good opportunity, especially if the Dogecoin price manages to stay above the support levels of $0.3870 and $0.3715.

However, keep in mind that crypto volatility remains high, so there is always a risk of price correction. You are advised to continue monitoring market movements and see whether the DOGE token is able to maintain the resistance level that has been reached.  

Read Also: Dogecoin Price: Analysis and Predictions, Will the 2021 Rally Repeat Again?

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