As Tesla (NASDAQ: TSLA) CEO Elon Musk completed his Twitter (NYSE: TWTR) purchase, one of his favourite cryptocurrencies – meme token Dogecoin (DOGE) – skyrocketed, causing crypto analysts to try and predict where it might go.
Michal van de Poppe identified several important levels to watch to predict Dogecoin’s future price in his tweet on November 1 based on its chart behaviour.
What is the best way to play DOGE at this point?
According to Van de Poppe’s analysis, $0.15 is the area for short region scalping of the decentralised finance token (DeFi). In addition, $0.13 is reserved for long scalping, or as he explained more specifically, “primarily for holding, but probably for scalping.”
Van de Poppe pointed out that $0.11 is the region for “bounce longs” for some scalps of 5-15%, and $0.085 for “swing longs.” This is how he personally would be “playing DOGE at this point.”
A price analysis of DOGE
DOGE was trading at $0.138 at press time, which represents a drop of 5.65% on the day, but it is still up 108.46% on a weekly basis.
According to data retrieved by Finbold on November 2, Dogecoin has a market capitalization of $18.19 billion, making it the eighth-largest cryptocurrency.
It is also worth noting that the number of Dogecoin-made millionaires or retail investors made millionaires by their DOGE investments has recently risen to 1,000 after falling below this level in mid-2022 as a result of broader crypto market bearishness and a Dogecoin downtrend.
