Geopolitical tensions have had an immense effect on the cryptocurrency landscape, with Dogecoin among many digital currencies suffering a dramatic decline. Just this past weekend alone, this meme-inspired cryptocurrency experienced over 5% declines; breaking past $0.16 support level and seemingly entering an irreparable downward spiral that has caused widespread investor anxiety and panicked sale-off in crypto markets worldwide. Amidst these challenging times, an analyst has come forward to provide advice about when would be an ideal time for investing in Dogecoin.
Optimal Timing for Dogecoin Investment
Due to market instability, Dogecoin’s value plummeted into the $0.15 region after plunging from $0.18 earlier. A crypto expert on TradingView advised against investing immediately as further declines are predicted; they anticipate an approximate 10% decline, potentially reaching $0.13 before investors should make decisions regarding purchases of digital assets such as Dogecoin.
Analysts justify this strategy by noting the convergence between range support levels and weekly support levels of Dogecoin. This creates an ideal entry point for investors as well as promising price recovery; one analyst forecasts a near doubling in price from this buy zone, possibly reaching $0.25, offering investors the chance to recoup losses and start reaping profits again.
Volume Decline Indicates Further Price Drops
As Dogecoin’s value decreases, so too has its daily trading volume declined dramatically – hinting at further drops ahead. Analysis of historical data reveals a significant drop from highs of around $5.1 billion daily trading volume down to an average daily trading volume below $3 billion; should this downward trend continue, trading volumes could even go below $2 billion before this month ends and lead to another attempt at breaking below $0.13.
