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                                  Cryptocurrency madness will Dogecoin set up for a short squeeze

  

 

 With the current cryptocurrency madness going on with Dogecoin many are speculating about a bullish rise. 

Is this a flash crash or will Dogecoin actually break over 50 cents many people believe that Elon Musk could give an announcement that could send it over the top? It was only a few months ago when we witness the short squeeze with Game Stock. Could we be witnessing another such occurrence? The valuation of Dogecoin does not support this bullish move however with the current emotional settings and reports that other trading platforms are testing out Dogecoin getting it ready for trading on those platforms. There is 129 billion Dogecoin currently circulating, but the amount of money that will move into Dogecoin in the next 24hrs is uncertain at this time.

 Can you get in on the Dogecoin before it takes off, maybe but I wouldn't bet the house if there is a pullback then maybe this could be a position when you may try to get in and hold for the short up burst? You still are taking on risk, but this may be something to consider make sure you have a stop loss in place just in case the trend corrects, and reversal does happen. The long-term play may be your best bet with cryptocurrencies looking to strengthen going toward the end of the year. Understanding that everything with these currencies is highly speculative due to their volatility. 

  

  Will Dogecoin perform an act (2) of the short squeeze which looks to be in full effect at the time this article is put together? Dogecoin technically does not fit in the shoes of Bitcoin. This rise in Dogecoin is surprising being basically a meme of the crypto space. Many long-time investors think this is a suspect and highly speculative move if the price were to go up to 1 dollar this would be a gigantic move in the next 24hrs. Again, this is high speculation, and the risk is extreme, to say the least. The volume and volatility are extremely up 340%. The price action moving forward, swing low to swing high to swing low, expect a move up using Fibonacci projection levels and ratios.


Will Dogecoin pull another short squeeze?  

  So basically, Dogecoin's rise doesn't really make much sense but with the exposure that Dogecoin has they may be setting up for another short squeeze which will make a run on their stock however there would have to be a tremendous amount of money to go into this highly speculative stock. If emotions keep running high with traders, we may be witness to Game Stop 🛑, part 2.    

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Continue the fun keep reading The crypto dilemma to buy or not to buy

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