Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.
Dogecoin was created as a meme coin and today, almost everyone who knows BTC has heard the name of DOGE and is fascinated by DOGE price rise. This coin has gained a massive following amongst masses which has resulted in a truly exponential price rise in DOGE.
Friendly Internet Currency
DOGE was staying in a SILO for many months and suddenly, many retail investors started buying DOGE for fun. Little did they know that this meme coin had the potential to create generational wealth. There were lots of memes running around DOGE and it became the friendly internet currency.
Elon Musk Effect – The Dogefather
As DOGE started becoming famous amongst the masses, this abandoned currency found a savior in the form of the worlds richest billionaire. Elon Musk has been openly shilling about DOGE and plans on having the next space mission entirely financed by DOGE. In the recent Saturday Night Live episode, he spoke about Dogecoin. He even took a poll recently asking people on twitter if Tesla should accept Doge for payments. Will they accept it? We will find that out soon enough.
Let us see how well can DOGE price perform purely on the basis of Technical Analysis.
DOGE/USD Price Prediction
DOGE is currently trading above the 0.618 fib at $0.4685. We could see a move down towards this fib and the lower fib at $0.4217. These 2 zones would be the preferred buy zones for DOGE with a stop loss below $0.3750. Targets could be $0.5350, $0.6198, $0.8647, $1.2609 and $1.6571. Failure to hold the support at $0.3750 could lead to a further drop towards $0.3171.
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