Top 5 Reasons To Buy Dogecoin At These Prices

buy dogecoin
buy dogecoin

Dogecoin price has been trading relatively in a range between $0.3 and $0.33. The sluggish price action is not unique to DOGE but seems to be affecting most crypto assets. However, the meme coin will likely spike in the near term, making buying at these prices a profitable opportunity, albeit still a risky one.

1. The SuperTrend indicator buy signal on Dogecoin price chart

Dogecoin price is down by 2.7% in the last 24 hours, according to CoinGecko. The coin has attracted $1.8 billion in trading volume, suggesting that it is among the most traded crypto assets across the exchanges.

The 12-hour chart shines a light on a bullish SuperTrend indicator. This chart overlay tool is like a moving average that follows the asset’s trend while considering the volatility. Both buy and sell signals emanate from the indicator.

Realize that a call to buy occurs when the SuperTrend closes the day under the asset’s price and turns red to green. If the signal as observed on Dogecoin price chart remains intact, we can anticipate the price to break out in the coming days.

DOGE/USD 12-hour chart

DOGE/USD price chart
DOGE/USD price chart by Tradingview

2. Elon Musk unquenched thirst and support for Dogecoin

Tesla’s founder, Elon Musk, openly supports Dogecoin, a coin that has grown against all odds to become a top ten cryptocurrency. According to Musk, Dogecoin is a preferred token due to its transaction throughput and shorter block times compared to Bitcoin.

While the billionaire tweets are believed to have sent Bitcoin into a downward spiral, investors think that his involvement in the Dogecoin community is a formidable boost to the token. Elon is also working with developers at Dogecoin to improve the technology behind the token and perhaps increase its utility in the real world.

3. Tesla could accept Dogecoin payments in the future

Elon Musk, the founder and CEO of Tesla, the leading manufacturer of Electric vehicles globally, has hinted before that Tesla could support Dogecoin accepting the coin as payment for its cars. Although this move could be farfetched at the moment, if it indeed comes to pass, Dogecoin will react by rallying remarkably.

4. Dogecoin’s vibrant community

From the start, Dogecoin had a highly vibrant community of cryptocurrency enthusiasts ready to defend the coin against vicious critics. At the time of writing, Dogecoin has 1.8 million followers on Twitter, while on Reddit, Dogecoin has more than 2 million followers. With such massive backing from the community, the future of this crypto is most definitely bright.

5. Dogecoin could soon flash a buy signal

The TD Sequential indicator will likely present a buy signal on the 12-hour chart in the coming days. This call to sell will appear in the form of a red nine candlestick, implying that bulls are gaining traction against the buyers. Hence Holding Support at $0.3 remains crucial to the expected uptrend toward $1.

DOGE/USD price chart
DOGE/USD price chart by Tradingview

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John is a renowned cryptocurrency technical analyst and journalist. Having worked for leading crypto/Forex news outlets such as FXStreet, Coingape, and Trading Education, John's knowledge of the market is outstanding. he carefully delivers analysis pieces combining both on-chain and technical data to provide a profound outlook of the market. Follow him on Twitter @jjisige