Is Now A Good Time To Buy Dogecoin?

Dogecoin DOGE/USD traded 0.94% higher at $0.205 over 24 hours early Thursday at press time.

The meme cryptocurrency is up 6.21% over a seven-day trailing basis. 

What’s Moving? DOGE traded 1.13% lower against Bitcoin BTC/USD, while it was largely flat against Ethereum ETH/USD trading 0.24% higher over 24 hours.

The Shiba Inu-themed cryptocurrency is up 3,497.24% since the year began.

See Also: How To Buy Dogecoin (DOGE)

Why Is It Moving? DOGE traded marginally in the green as the global cryptocurrency market cap rose 1.16% higher at $1.54 trillion.

In a positive market-wide signal, the crypto fear & greed index has turned "neutral" after over two months — a significant improvement from the "extreme fear" rating assigned last week.

Dogecoin has a near-neutral 14-day relative strength index of 47.4 as of press time, as per data from Trading View. It is trading above the 200-day simple and exponential moving averages but below the 30-day averages.

Benzinga’s Melanie Schaffer noted that since July 22 DOGE has been trading in an uptrend rangebound between 18 and 23 cents. 

As per Schaffer, there is a support level “slightly above 20-cent mark” and on Monday and Tuesday DOGE closed the day above that mark — a good sign for bulls.

Meanwhile, acceptance for DOGE continues to grow. On Tuesday, it was Restaurants Brands International Inc QSR subsidiary Burger King in Brazil that said it would accept DOGE as a payment for a dog snack in Brazil. Now a Louisville, Kentucky coffee shop has rebranded itself as Dogebean and is planning to accept DOGE.

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