Dogecoin Price Up 13% – Time to Buy DOGE?

For ardent cryptocurrency fans, Dogecoin needs no introduction.

The Dogecoin price has been one of the most standout parts of the crypto space this year, and many investors are looking into how to buy DOGE and make gains.

With the Dogecoin price currently posting impressive numbers once again, there’s a lot of excitement about it. Let’s take a look behind the curtain to see whether this is the right time to get in:

Dogecoin – A Joke No More

Dogecoin was started in 2013 as a parody of cryptocurrencies. While the asset had significant fanfare when it was launched, the downturn of 2018 affected it a great deal as many attacked it for being a mere joke currency.

However, 2020 has seen a resurgence for the Dogecoin price.

Increased institutional acceptance of cryptocurrencies led to big gains in large-cap coins, and Dogecoin soon rose through the ranks of top digital assets.

Fast forward to 2021, and Dogecoin is rubbing shoulders with the likes of Bitcoin and the Binance Coin. While it still doesn’t have a definitive use case, support from an undying legion of fans – including Tesla chief executive Elon Musk – has kept it going.

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Dogecoin Price Movements: July 2021

DOGE didn’t exactly have the best month in July 2021. The month was mostly bearish for most large-cap assets, and DOGE was no different.

After starting the month at $0.25, the Dogecoin price went through several bearish phases. It found successive bottoms, eventually hitting its low on July 20 at $0.16 – a 36 percent drop from its starting point for the month.

Over the past week, however, DOGE has been able to pick up rather well. Positive sentiment is returning to crypto as many investors believe that the worst is over. Naturally, investors trooped to buy DOGE.

The asset currently trades at $0.22 – up 13 percent over the past 24 hours and 23 percent in the past 7 days. With the current price trajectory, DOGE could very well cross its starting point for the month before the week runs out.

DOGE Technical and Fundamental Analysis

Dogecoin is currently looking bright across the board. Its technicals are strong, with the asset posting a relative strength index (RSI) of 62.25. This might look overbought for many other assets, but it isn’t a rarity for large-cap cryptos.

Moving on, the Dogecoin price is also trading above its 20-day moving average (MA)P of $0.217. This means that the asset has everything it needs to push forward on an uptrend. As long as market sentiment continues to stay positive, nothing will stop the influx to buy DOGE, and its price will continue to jump.

Dogecoin is also gaining on the fundamentals front. Last week, the asset was added to Coinbase Commerce – the e-commerce platform for top crypto exchange Coinbase. Dogecoin is only the seventh asset to be accepted on the platform – it joins Bitcoin, Ether, Bitcoin Cash, Litecoin, DAI, and USD Coin.

Axe, the manufacturer of male grooming products, has also recently launched a line of Dogecoin-themed body sprays called “axe Dogecans.”

vibes for tm 😎 #dogecan 07.20.21 pic.twitter.com/KjgKn4K6Wx

— AXE (@AXE) July 19, 2021

This doesn’t seem to have much use besides branding and awareness – but, come to think of it, that’s what Dogecoin thrives on the most.

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