Crypto Rover, one of the leading crypto analysts in the crypto money market, states that the popular altcoin Dogecoin (DOGE) can quickly rise after weeks of low levels! So what’s next for the popular altcoin DOGE? Here are the details…
Analyst: “DOGE may surprise its investors with a rapid rise!”
cryptocoin.com Popular analyst Crypto Rover, whose analysis we have previously quoted, conveyed his comments on the crypto money market. The leading expert explained in a Tweet shared on the morning of May 20, 2023, that the lows for the popular meme coin Dogecoin (DOGE) are behind and are on the rise. Although the analyst called for DOGE to rise, DOGE was among the cryptocurrencies that lost as it entered the weekend.
On the other hand, the leading crypto analyst reported that he bought more DOGE in the data he transferred on Twitter, while asking users if this was a smart move. Many of the users supported the analyst by stating that this was a “good decision”. However, CoinMarketCap data reveals that Dogecoin (DOGE) has experienced a small decrease of 0.05 percent since last day and traded at $ 0.07343. This level means that DOGE is trading closer to its daily low of $0.07323 than its daily high of $0.07396. Leading cryptocurrency analyst Crypto Rover suggests that these levels are a good buy level.
Altcoin DOGE weakens against BTC and ETH
On the other hand, DOGE’s price drop also caused the meme coin to weaken against the two market leaders, Bitcoin (BTC) and Ethereum (ETH). Instantly, DOGE is losing value by 0.22 percent against BTC, while it is facing investors with a depreciation of 0.38 percent against ETH. The decline in DOGE’s price wasn’t enough for its weekly performance to fall into the red. DOGE has increased by 1.77 percent in the last seven days. However, DOGE’s 24-hour trading volume has lost more than 50% over the past day, and the trading volume has declined to $137,654.992.
DOGE’s price recently regained a position above the 9-day EMA line and attempted the same move with the 20-day EMA. However, the slight negative slope of the daily RSI line indicated that BTC had lost some of its bullish momentum and was unable to overcome the longer EMA level. According to experts, if the Bulls step in before the end of today’s trading session, there is still a chance for BTC price to turn the resistance level to support at $0.07737. However, DOGE might want to make the same move with the next resistance level at $0.08193. Conversely, a close below the 9-day EMA line today could cause BTC to drop to $0.06926 in the next 48 hours.
Binance CEO CZ shared his comments on Dogecoin
Changpeng Zhao, CEO of major cryptocurrency exchange Binance, answered questions asked at a recent AMA (Ask Me a Question!) event. While CZ conveyed his surprise that Dogecoin still has not been reset, he attributed Dogecoin’s still activeness to Tesla CEO Elon Musk. The famous CEO conveyed the following words for DOGE:
The memecoin that really surprised me was actually Dogecoin. He had a long lasting power. I actually thought it would disappear a long time ago, but Elon Musk may have extended his life by embracing the entity.
On the other hand, one of the most striking magazine events of the week was CZ’s unfollowing of Elon Musk. However, while making statements about memecoins, CZ announced that he does not own any memecoins and NFTs. However, the famous name said, “It seems to be popular right now. But despite saying that, I think it’s a very high risk.” In his words, he drew attention to the risk of memecoins. On the other hand, CZ states that they list the popular meme coin PEPE, and states that he is not anti-memecoin.
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