Dogecoin – the internet sensation – has been under a long debate whether or not the cryptocurrency has any real value. Dogecoin started off as a joke between two engineers but now with the support of Elon Musk, it is not considered a joke by many. However, skeptics of the cryptocurrency do exist. So, what does the future of DOGE looks like?
At the time of press, Dogecoin stands at a price level of $0.20. The price of the cryptocurrency stayed relatively stable in the daily timeframe with less than 1% change. The weekly gains for the cryptocurrency are at 5%. The uptrend started off in the past week has not been broken yet and could be expected to continue. The daily trading volume of the sixth-largest cryptocurrency has fallen by 34%.
Technical analysis
The market sentiment for Dogecoin is neutral as the breaking of the uptrend has not been confirmed. Ten of the total twenty-six technical indicators are standing at a neutral position. Nine indicators of the rest are at a buy position and seven are at a sell position.
A trader’s analysis reveals the repetition of historical price movements of dogecoin. Per the analysis, the cryptocurrency had been on an oscillating uptrend a couple of days ago. However, as bearish momentum strengthened DOGE coin moved towards consolidation. The current price actions show the beginning of an uptrend, once again. If Dogecoin follows the predicted trajectory, it can be expected to reach $0.21 in the upcoming days.
Dogecoin’s new critic
Kevin O’Leary – a renowned investor, chairman of O’Shares ETF, and judge at Shark Tank – has come out with criticism against Dogecoin. In an interview with CNBC, O’Leary revealed that he has no plans of adding Dogecoin to his portfolio and doesn’t understand why anyone would do say. The investor came hard on the cryptocurrency saying it has no inherent value and trading DOGE is similar to gambling.
