DOGE price analysis 23 May 2019; hype can’t help it forever

Dogecoin has gone through a lot of history in terms of cryptocurrency. From being offered for free on Reddit, to becoming Elon Musk’s favourite coin, it has pretty much seen everything alongside the Bitcoin.

However, it’s the primary issue has always been the number of coins emitted. Everybody may have deemed it as nothing but a meme, but the coin has the potential to become a powerhouse in the future, especially if the 2020 predictions come true.

Currently, the most important price point for DOGE is the $1 mark, which is predicted to be reachable by the end of 2019. Although it’s unlikely, due to the way the market’s looking right now. Just… Look at the chart

Doge price analysis 23 may

DOGE chart by TradingView

Dogecoin’s price chart is unlike anything you can ever see. Every rise is followed up by a fall, merely seconds after. It mostly looks like one person is trying to mess around with the market.

It creates a real issue for traders to enter positions confidently. Right now, there is very little room to dive in.

However, what we do know is the resistance level that DOGE will be facing in the next couple of days. Should the $0.0032 price point be broken through within the next couple of days. The next week will most likely be smooth sailing.

Although the chart will look similar.

The supporting levels have formed at the $0.0027, $0.0028 prices, which will most likely hold against a bear rush.

But the coin has very little to lean on. The hype is pretty much the only thing that’s carrying it right now. Should that hype be taken away, the coin will most likely zero-out.

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