Hey everyone,
I am a stock trader that bought into dogecoin over a year ago and including buying pumps in recent days am sitting at a cost average of .064.
I am very bullish on Doge continuing to grow and set new highs in the future and this post is about the fundamentals and why I believe this.
I will be basing this off of this post I made showing the growth of doge coin this year in 6 photos with lines drawn showing levels of support and consolidation.
Like any stock or crypto Dogecoin plugging along and showing very bullish growth, obviously!
But what is remarkable about this last growth cycle so far is the level of support we have found... and I mean that in the crypto price action, not in the media!
I think the days of pump and dump are behind us, not for good yet but, all that has happened for months is a period of consolidation where to coin reaches a new holding high after each pump event.
This means the coin is gaining traction and what people are willing to pay for it goes up after every period of consolidation where we hold a steady price on lower volume. This is a very good thing for the crypto as it shows a strong level of support and is leading to larger and larger public sentiment in what Dogecoin is worth.
After such a large pump like we just had it is normal for the coin to find its level, as of now it looks like it will hold steady in the upcoming period and of consolidation between .30 and .35 per coin. This is a phenomenal price range to hold steady at!
After seeing the level of rise in one pumping session if the consolidation holds above .30 our next breakout from consolidation can easily be to above $1... yes we will of course experience a sell off when approaching $1... but if we consolidate after that to around .70 we can steadily climb to and pass $1.... Dogecoin settling above the $1 mark really leaves no major mental barrier until the $5 mark.
I know this sounds absurd however, I truly believe Dogecoin can achieve this level.
It doesn’t matter that the coin is uncapped, if you look at crypto like currency, Bitcoin is the $100 bill, why can’t Dogecoin be a $5 bill or a $10 bill. There are more $5 bills in circulation than there are $100 bills.
Nobody in their right mind will use Bitcoin to buy a starbucks coffee... unless they just want to look cool. But we would use Dogecoin to do so... why can’t 1 Dogecoin be one venti latte?
Crypto is based solely on sentiment determined by supply and demand... what typically helps a stock or crypto breakout of a consolidation period is a news catalyst... the company does well or the crypto is added to more trading platforms or is accepted as payment etc.
People selling for profits at certain points is positive as it spreads Dogecoin around so more people have it rather than some people have ing millions.
As long as we as a group collectively hold and don’t all sell off at the same major price point(read $1) the coin will continue to do well and not crash.
This is of course just my opinion and I know this tread typically doesn’t speak of fundamentals but I wanted to share some thoughts on the direction of the currency.
I for one won’t sell until well after it surpasses the $1 mark...
Do Only Good Everyday!!!
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