Is it too late to buy Dogecoin? DOGE Price Jumps 10% as AI Crypto Signal Platform yPredict Raises $3.2M in Funding
The original meme coin $DOGE has seen a resounding 10% rise in price from the recovery pump above the 200 DMA for the first time since April, now experts are asking if it is too late to buy Dogecoin.
The impressive pump comes amid a +47% rally rally, sparked by $DOGE headlines at lower trend line support on June 10.
DOGE Price Analysis: Is It Too Late to Buy Dogecoin?
The latest push in the 45-day rally rally has seen $DOGE reach a current price of $0.779 (a 24 hour variation of +4.97%).
Price action found a foothold at $0.07 after 4 days of consolidation, as the technical structure turns bullish against the newly recovered 200DMA.
With the joint support of the 20DMA and 200DMA, Dogecoin looks technically strong here, as headlines now point to a push above the descending upper trend line at $0.08.
However, despite the bullish swing, there could be some cause for concern stemming from the Dogecoin indicators.
The +10% move has caused the RSI of $DOGE to heat up to a worrying 68, indicating that $DOGE may be overbought and adding a bearish taint to the price analysis.
Meanwhile, there is some hope in the MACD, which highlights the impressive momentum behind the move with a bullish divergence at 0.00078.
Although the technical structure here is solid, Dogecoin’s risk:reward profile is in a difficult position in the near term.
With $DOGE nearing the top of its range, upside potential here is capped at $0.08 (+2.22%), and as the RSI suggests potential rejection, downside risk sits at $0.07 (-10.5%), leaving $DOGE with a troublesome risk:reward of 0.21.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.