Are you about to buy Dogecoin or some other cryptocurrency? AMBCrypto explains which may be a better choice for now.The total crypto market cap jumped by 3.95% in the last 24 hours, thanks to the fuel provided by price jumps. Out of the top 10 cryptocurrencies,In the meantime, DOGE might continue to trade sideways. This was because the broader market interest in the coin was waning.
At press time, Dogecoin’s Weighted Sentiment was -0.863. Weighted Sentiment spikes when the social volume is very high and most messages around a cryptocurrency are positive.But as of this writing, the metric was negative. This indicates that most of the texts regarding DOGE were pessimistic. This was also evident in the social volume. On the 5th of February, Dogecoin’s social volume was high, the same as on the 7th of February.
For example, if you invested some capital into Bitcoin 90 days ago, you would have made 27.48% in gains. But if you chose to go with Dogecoin, the investment would have yielded a little over 2% in profit.This hypothesis also infers that DOGE has become less volatile compared to BTC. A look at the DOGE/USD 4-hour chart confirms the lack of volatility as the Bollinger Bands contracted. In the short term, DOGE’s price might not rise higher the $0.085.
Furthermore, the Accumulation/Distribution line also showed that participants were not buying the coin. In a situation like this, Dogecoin might keep consolidating. Should bulls come to its aid, the coin price might rise to $0.090. However, indications from the technical evaluation revealed that the potential rise was unlikely in the short term.Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology.