Is It Too Late to Buy Dogecoin? DOGE Up 9%, SpongeV2 Poised for

Sam Cooling

Last updated:

February 28, 2024 12:12 EST
| 3 min read








































Dogecoin, the leading cryptocurrency in the meme coin market, has captivated investors, especially those driven by the fear of missing out (FOMO), with a remarkable 9% surge in its price.

This article will provide an analysis of DOGE’s current price trends and look to see whether a newer meme coin, Sponge V2, represents a more promising investment opportunity at this time.







Dogecoin’s recent games come amidst wide-spread positive sentiment surrounding DOGE price, which many believe is poised for aggressive growth in the year ahead, as Dogecoin appears to be repeating historic pre-bull run patterns.

DOGE Price Analysis: As Dogecoin Hammers-Up +9% – Is It Too Late to Buy DOGE Ahead of the 2024 Bull Run?.


As price action hammers the upper trendline, Dogecoin is currently trading at a market price of $0.105 (representing a 24-hour change of +7.2%).

This comes as the third-day of a powerful upside swing, after DOGE price established weeks of solid support above the 20 DMA (which now stands at $0.08).

Now in an ongoing resistance test below the upper trendline, it seems likely that DOGE price will either break to the upside, or, retreat into consolidation here.



Lower supports are immediately available at $0.10, $0.095, and $0.09 – offering multiple footholds to escape a rejection movement.

Meanwhile, the 200 DMA continues to provide a foundation of lower support at $0.075, with gradual ascendance on the moving average reflecting Dogecoin’s healthy technical growth.

Some cause for concern emerges from the RSI on the short-time frame, with this leading indicator signalling at 80 – a bearish overbought signal – which could imply an imminent need for retracement.

Yet, this meets with minor contrast from the MACD, which is showing a slight uptick in upside momentum at 0.00181.

Overall, DOGE price analysis depicts a meme coin in ascent, with price action reaching a critical juncture that could see either a healthy continuation of the current trend, or, a major skyrocket move.



To the upside, this leaves DOGE price targeting a move up to $0.11 (a potential +3.13%).

While to the downside, risk could see DOGE price tumble down to lower support at $0.10 (a possible -6.25%).

Consequently, DOGE price analysis reveals a short-time frame risk: reward of 0.5 – a bad entry characterized by retracement risk in the near future.

But while Dogecoin...

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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
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