Dogecoin (DOGE) Looks 'Fine' but Not 'Great' for Scalping, Strategy Should Be 'Stack and Hold': Analysts

Dogecoin's DOGE/USD 5% price bump has excited traders, who think it could be the start of more bullish price action to come.

Pseudonymous trader Altcoin Sherpa feels that Dogecoin (CRYPTO: DOGE) looks “fine but don't really think this a great one to scalp; more just buy and hold.”

However, he feels that DOGE is not a great buy for many active investors, but if one just wants to hold a meme and be fairly safe with it, then Dogecoin is a good choice in his opinion.

“I think it could be boring next few months for $DOGE. Strategy: stack and hold. Crab price action between $0.085 and $0.11 with declining volatility until the market heats up again,” stated crypto trader Kaleo.

He anticipates that a major crab move will be seen on lower time frames, especially if the market is heating up quickly.

Pseudonymous trader Javon Marks observed that the RSI is moving closer to a breakout point and diverging (Hidden Bull) with a major bull move on the way.

He noted that there could be a 513% spike to reach the "$0.6533 target and it may be at high speeds."

According to Benzinga Pro data, Dogecoin’s active users have been on the rise. Could this impact DOGE price?

Large transactions, as per IntoTheBlock, saw a 25.3% increase, while transactions greater than $100,000 spiked from 175 transactions to 211 transactions as of August 19.

While daily active addresses dropped by 3.8%, currently 73% of holders are in profit. Exchanges netflows are down by 178%.

Benzinga technical analysis shows the RSI at a neutral 57.8. The 200-day simple moving average (SMA) crossed the 50-day SMA and 100-day SMA from below at a price target of $0.14б, implying the longer-term outlook for the meme coin remains strong.

Dogecoin's recent spike in interest could be attributed to Elon Musk's sharing of an AI-generated image of himself with a mic stand, where the letters D.O.G.E. are inscribed on the stand, standing for Department of Gov't Efficiency.

Benzinga's institutional survey on crypto assets, covering topics like institutional adoption, decentralized autonomous organizations (DAOs), and regulatory frameworks, is now live and open for responses.

The influence of Bitcoin as an institutional asset class will also be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Don't miss this opportunity to gain valuable insights, network with industry leaders, and shape the future of digital assets together with Benzinga.

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