I'm always on the lookout for cheap cryptos whose charts look promising and are just starting to appreciate in value to add to my portfolio. It seems DOGE has gained a bit a of attention lately (according to the recent volume anyway) and I've been waiting for a pullback ever since that break above $0.01 about a week ago so I can get in.
Well we had a nice red weekend (yes I said nice because pullbacks are necessary and they're opportunities) and I just picked up this coin that I've been watching this morning just before heading out for work. So what's the chart look like?
The 4 hour chart shows the first failed testing of the $0.01 mark which is a bit of a psychological barrier (whole / round numbers usually are such as when BTC failed to break above 5K its first try, etc). Well some days went by before it cleared a penny and I missed getting in before it rallied another 50-60% or so. But today I got a second chance and I just took it. Now let's have a look at the charts, shall we?
The daily chart is on a logarithmic scale and the uptrend is pretty clear.
I see a few positive indicators on this chart which is good and all but I got in because I wanted in and I think this was a good price. I'm ready to buy more if it drops significantly but we'll see what happens. But back to those positives...
- The pullback happened in a week when many coins were also down--consolidating from huge moves up previously
- The pullback happened on relatively low volume as noted on the daily chart
- The RSI on the daily is in the 50's which means it's consolidated nicely and has a lot of room to run when and if the next wave comes.
- It's held the 0.01 level a couple of times since it dropped from its recent high which makes me think that this is a fairly strong level of support. I could have just jinxed myself by saying that but oh well...I report what I see.
I've discovered that it's hard to go wrong investing in cryptos and even if they drop after you buy them they'll usually rally and produce gains at some point. We could continue to see more red going into January for a lot of coins but there's other waves coming...just a matter of time.
Look at what happened with STEEM in the summer and fall of 2017...I started buying around $1.50 and bought hand over fist when it was around $1 and eventually that paid off (gotta admit I was sweating that for awhile). Now every buy I've made is green.
So we'll see what happens with DOGE. The chart indicates there could be plenty of upside though and there's definitely interest in it as of recently.
I hope you all have a good week. Off to work for me now...
Note: Charts courtesy of https://www.tradingview.com/symbols/DOGEUSD/
This is my opinion only and please don't buy anything based on anything that I post. I'm not a financial advisor and you should never put your money in something just because some guy on the internet said he's buying it. Always do your own due diligence before investing in / trading anything or consult a financial advisor or investment professional of some sort before you throw your money into something. You can lose a lot in these markets if you're not careful.
I will not recommend Doge, they have 0 commits on github last yeat and their founder member is no longer with the group, so I see this coin in a risky situation.
Yeah I’m just putting a little in for now. A lot of times fundamentals don’t matter I’m these markets, it’s all hype. And that hype can take things way higher than they should go. I bought purely based on the chart and if I get a nice return In the short term I’ll cash it out for something else.
Thanks for the words of advice.
Where can you buy doge?
I’m not up on all the exchanges but I bought mine on Bittrex. Kraken doesn’t have it. I think binance might but I’m still waiting on them to verify me.
Ok thanks.
I’ve heard some good things about doge!
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Good analysis Mr @cryprokeepr
keep it up
We do not see any fundamental value in this token. It is suited only for trading / speculation.
The Best way and the most reliable one - find the gems (fundamentally strong projects which have strong team, a product in the mind to solve an important issue with high utility value). Ideally, it should have a reasonably deep moat vs. competitors. This is the recipie for success! Earlier or later the market will recongize the value of the project and will award you with immence profits. Real life example, RLC token (iExec) >+100% on 12 January! This pick was included in our portfolio yesterday and published here https://steemit.com/crypto/@p2port.com/crypto-portfolio-high-quality-crypto-assets-for-long-term-growth-created-on-11-january-2018
Hmm I saw your same reply to another guys post and he flagged it. Be careful promoting your stuff on other people’s blogs and copy pasting the same reply on multiple blogs.
I won’t flag you this time.
I am grateful for your up to date sharing.
Is great knowledge post on crypto currency.
Amazing analysis on investing .