At Coin Inquire, we offer free price signal of Dogecoin [DOGE]) and other cryptocurrencies. Today July 06 we are beginning a new series of free signals for top cryptocurrencies including Dogecoin [DOGE].
- Dogecoin skyrockets following Binance listing news.
- Dogecoin was consolidating within a narrow range between $0.0030 and $0.0035.
Dogecoin defied the bear pressure on the market on Friday to record formidable gains. The ballistic rise mainly driven by the news of listing on the largest exchange by adjusted daily trading volume, Binance. The listing on Binance comes barely a couple of months after Coinbase added it to the user-controlled wallet (non-custody wallet).
Prior to the ballistic gains that caught everyone by surprise, Dogecoin was consolidating within a narrow range between $0.0030 and $0.0035. The 35% rise in value made DOGE/USD the best performing pair on the crypto market. The correction above both the 100 Simple Moving Average (SMA) and the 100 Exponential Moving Average (EMA) gave the price a boosts in an engulfing candlestick that scaled the levels beyond the 61.8% Fib retracement level taken between the last drop from $0.04840 to a low around $0.002815.
DOGE/USD 4-h chart
Dogecoin corrected towards $0.0050 but formed a new high at $0.004840 before retreating below the 38.2% Fib level. At press time, Dogecoin is trading at $0.003766 after finding support at $0.0035 on the day.
The current technical picture has a bullish bias. The Moving Average Convergence Divergence (MACD) is sitting comfortably in the positive. After rising to levels around +0.00015, the divergence is decreasing as a sign of retreat. The Relative Strength Index (RSI) has dived after being ejected from the overbought region. As long as the RSI can stay above the average, Dogecoin has the potential to correct higher forming higher low pattern after the impressive gains.
Initial support is seen at $0.0035 while the 23.6% Fib retracement level will offer support in case of declines progress. Other support levels to look out for include $0.0030 and $0.0025.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.