Dogecoin lost 4.58% on Wednesday in a market correction
The cryptocurrency still holds a bullish bias
DOGE is a buy on bullish signals at the support zone of $0.09
An intraday loss of 4.58% may not be good news for investors holding Dogecoin (DOGE/USD). However, it rings well in the ears of investors looking to have a piece of the meme cryptocurrency. That’s because DOGE’s slide takes it back to an important breakout level that has now become support. The level is a buy zone as long as DOGE confirms a bullish reversal. It could happen in the next few days.
The trading in DOGE coincides with unending speculation that Twitter will use cryptocurrency as the payment method. Even as most cryptocurrencies continue to struggle, DOGE is giving investors hope that a recovery is on the horizon. Since the FTX-inspired rally, DOGE has been on a slow but sustained recovery. Buyers are also taking note.
DOGE holders’ distribution indicators show that nearly 70% of buyers of the cryptocurrency hold it for more than a year. These are holders convinced of a return to previous all-time highs, unlike short-term traders who exit at the next profit level. But aside from this key fundamental, DOGE is currently attractive to short-term buyers, as the technical indicators below show.
DOGE retests $0.09 for a potential bullish move
The daily chart outlook shows DOGE retesting the support at $0.09. That comes as the price was rejected at the 50% Fibonacci retracement level, coinciding with a price of $0.10. The slowdown has resulted in a decline in RSI, although the reading remains above the midpoint.
Potential price action at the $0.09 support could usher in an upside. The support also coincides with the 20-day and 50-day moving averages, giving a confluence of price action for DOGE.
What to watch next for DOGE?
Bullish reversal signals at the $0.09 support will validate buying Dogecoin. The reversal will set DOGE for $0.12, the 61.8% Fibonacci retracement zone.
Where to buy DOGE
As DOGE is such a new asset, it’s yet to be listed on major exchanges. You can still purchase DOGE using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy DOGE right now, follow these steps:
1. Buy BNB on a regulated exchange or broker, like Binance ›
We suggest Binance because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your BNB to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your BNB for DOGE
Now that you’re connected, you’ll be able to swap for 100s of coins including DOGE.