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Investing in Dogecoin (DOGE.X): the bull and the bear case (March 2019)
Dogecoin (DOGE.X) is trading at 0.002$ and has remained flat over the course of the last 24 hours. Dogecoin is presented as a decentralized peer-to-peer platform while DOGE, the platform's native crypto, is described as "the internet currency". The crypto is inspired by the iconic Shiba Inu meme, which is why Dogecoin gained the status of a "joke coin", although it found place on the top cryptocurrency list.
When it comes to investing in Dogecoin, these are some frequently asked questions:
- Is Dogecoin currently a buy or a sell?
- Should I sell or hold Dogecoin today?
- Is Dogecoin good buy/investment opportunity?
Here are the reasons to buy Dogecoin (the bull case):
1. Dogecoin marked an increased adoption during 2018 despite the bear trends, earning the status of the top third crypto in terms of active wallet addresses. DOGE is being widely used across the cryptosphere. At the same time, DOGE is said to have one of the strongest communities driving the adoption of Dogecoin.
2. Dogecoin offers fast block creation times. Transacting with DOGE is fast and efficient, which is the reason why it is one of the top choices for transferring value among cryptocurrency users.
3. Dogecoin units will have no further increase in the value of holdings once the supply reaches a soft cap. This way, Dogecoin is set to acquire a stable value that could pose as an alternative currency to the traditionally used fiat, increasing the adoption rate of the crypto.
4. Dogecoin is already used in a great number of retail and online shops as an alternative payment method, making it a perfect choice for micro-transactions.
Here are the reasons to sell Dogecoin (the bear case):
1. Dogecoin is still considered to be a "joke coin" across the cryptoverse. Not everyone outside the DOGE community appreciates Dogecoin.
2. Dogecoin uses Proof-of-Work protocol, which makes DOGE mining non-profitable.
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Dogecoin price analysis, prediction and news bites
Dogecoin (DOGE.X) is trading at $0.003776. The price has declined precipitously lately, below the level of Bitcoin price. What is Dogecoin price forecast? What recent developments should Dogecoin investors be aware of?
The one development that caused quite a bit of enthusiasm in the crypto community is the Doge/Ethereum bridge (also known as Dogethereum). Being able to use Dogecoins with Ethereum smart contracts gives crypto users a whole new world of functionality. Any Ethereum smart contract that can use general tokens can work with the bridge tokens. Bounty contracts (such as the one for the Doge/Ethereum bridge) can be available to the Dogecoin ecosystem.
However, since the bridge app launched, Dogecoin price failed to move up. That's partly because there is no schedule for when the bridge technology will be ready for general use. Also, there is no Dogecoin fork currently planned for the bridge.
Now let's look at the sentiment for Dogecoin. How is the price expected to move in the near term? Here are the major technical indicators:
- MACD is back in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is currently 37, indicating the coin us approaching the oversold territory. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.0032;
- A new major resistance level is forming at $0.004.