Is Now A Good Time To Buy Dogecoin?

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Dogecoin (CRYPTO: DOGE) traded 0.94% higher at $0.205 over 24 hours early Thursday at press time.

The meme cryptocurrency is up 6.21% over a seven-day trailing basis. 

What’s Moving? DOGE traded 1.13% lower against Bitcoin (CRYPTO: BTC), while it was largely flat against Ethereum (CRYPTO: ETH) trading 0.24% higher over 24 hours.

The Shiba Inu-themed cryptocurrency is up 3,497.24% since the year began.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded marginally in the green as the global cryptocurrency market cap rose 1.16% higher at $1.54 trillion.

In a positive market-wide signal, the crypto fear & greed index has turned “neutral” after over two months — a significant improvement from the “extreme fear” rating assigned last week.

Dogecoin has a near-neutral 14-day relative strength index of 47.4 as of press time, as per data from Trading View. It is trading above the 200-day simple and exponential moving averages but below the 30-day averages.

Benzinga’s Melanie Schaffer noted that since July 22 DOGE has been trading in an uptrend rangebound between 18 and 23 cents. 

As per Schaffer, there is a support level “slightly above 20-cent mark” and on Monday and Tuesday DOGE closed the day above that mark — a good sign for bulls.

Meanwhile, acceptance for DOGE continues to grow. On Tuesday, it was Restaurants Brands International Inc (NYSE:QSR) subsidiary Burger King in Brazil that said it would accept DOGE as a payment for a dog snack in Brazil. Now a Louisville, Kentucky coffee shop has rebranded itself as Dogebean and is planning to accept DOGE.

Read Next: XRP Is Seeing Higher Interest Than Bitcoin, Dogecoin On Twitter Today: What’s Going On?

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.



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