Every time the crypto market takes a turn for the better, participants face sore disappointment moments later.
Similarly, in the early hours of today, the overall crypto market was showing a bullish signal and all major cryptocurrencies were trading in the green.
However, the bulls could not keep up the momentum for long. The market has turned red with Bitcoin losing 0.70% while Ethereum has lost 1.52% in the last 24hrs. This has pulled down other significant currencies as well.
However, amidst this volatility, one currency that has maintained its price stability is Dogecoin. The currency has gained over 140% in the last 7 days.
Dogecoin Breaks $0.134
Since June, Dogecoin has been facing strong resistance around the $0.079 and $0.069 level, and the asset has been hovering near them for the past 5 months.
However, with the recent Twitter deal and other positive developments, DOGE surged above $0.065 and attracted more demand in the market.
Also, the Relative Strength Index (RSI) has moved past the neutral 50 mark last week and since then, both RSI and OBV have been bullish which indicates good days ahead for DOGE.
The question arises: should you buy Dogecoin now?
According to experts, it is not advisable to buy Dogecoin at the current price point. However, those interested in getting into the action should consider the liquidity zone at $0.134-$0.142.
Furthermore, the funding rate for Dogecoin is currently positive and the long/short ratio is pointing up for DOGE over the past 24 hours.
Nevertheless, if Dogecoin decides to retest its price range between $0.134 and $0.14, it will give traders a good risk-to-reward buy-the-dip opportunity.
