Buy Dogecoin, analyst says 'no short opportunities'

Crypto analyst behind the Pingu Charts channel believes that Dogecoin (DOGE) may present a buying opportunity after testing a key support level.

The analyst points out that Dogecoin (DOGE) recently found support near $0.088 after a steep sell-off. This created a V-shaped recovery, with the price bouncing sharply off the support zone.

You can see that Doge, of course, had a very nice V-shaped recovery. Of course, the bulls did come in after we were in extreme oversold condition.

Pingu Charts

The analyst believes the move back above DOGE’s short-term exponential moving averages (EMAs) is a positive sign. He views these EMAs as potential support levels for another move higher.

As long as we hold above these exponential moving averages, we are not looking for any sort of swing shorting positions, and dip opportunities are buying opportunities.

Pingu Charts

MeCharts has a price target of 11 cents for DOGE soon. This level aligns with resistance on the crypto asset’s chart. A decisive move above it could signal a broader breakout from the recent trading range.

If we do end up seeing that breakout formation, we are still focusing on 11 cents. I told you guys this multiple times. The fact that as long as Doge can hold above 0.088, we are not looking for any sort of swing short opportunities.

Pingu Charts

The crypto trading expert also verifies the analysis of DOGE’s daily timeframe. The cryptocurrency continues trading above its EMAs on the daily chart, with buyers defending support.