If the price of DOGE broke through the resistance at USD 0.16, there could be buying opportunities in the short/medium run. A significant bullish volume exceeding resistance at USD 0.13 would indicate that the ground would be clear for USD 0.16.

The price of Dogecoin (DOGE) is undergoing a correction of over 80% from its all-time high. That has led investors to wonder whether the current point will be the best to buy the memecoin.

Dogecoin is trading at around USD 0.126 and has accumulated a loss of 10.3% in the last week. Its daily trading volume is above USD 606.08 million, and its market capitalization is about USD 16.83 billion. It occupies 13^th place in the cryptocurrency ranking, according to CoinGecko.

Shiba Inu (SHIB) is just below DOGE, with a capitalization of about USD 13.38 million. The second-largest memecoin is trading at around USD 0.000024 and has accumulated a loss of 11.6% in the last week.

Now Could Be the Best Time to Buy DOGE

Analysts have said that the fundamental base of memecoins is not enough to ensure their large market capitalization. However, nobody can expect them to disappear overnight, as they might obtain further gains if a new broad bullish rally starts.

The large communities behind meme-based cryptocurrencies have created a cushion that prevents prices from going to zero.

While Dogecoin has a Twitter account with more than 3 million followers, Shiba Inu has one with 2.8 million.

Although the price of DOGE has fallen by more than 80%, the sales volume is increasingly low. That shows that the space for drops is becoming increasingly small.

Many other projects are more solid, but the current drop in price is an opportunity to buy Dogecoin. Even so, there might be a further drop before the leading memecoin resumes the dominant trend.

The Weekly Technical Analysis of the Price of Dogecoin

The weekly DOGE/USDT chart shows that the fall in the price has been steadily losing strength. The great bullish rally of 2021 is entirely overshadowing the direction in which the market is moving.

That behavior indicates that the price is making a necessary correction, and the bulls could give a surprise at any moment.

Since Dogecoin is bearish in the short/medium run, there could be more selling. There will likely be selling down to the support zone around USD 0.05.

Before buying, there should first be increasingly high lows on the weekly chart. If the price broke through the resistance at USD 0.16, that would be a good early sign that this will happen.

Short-Term Significant Levels in the price of DOGE

The daily DOGE chart shows a somewhat encouraging scenario for those wanting to buy, as a relevant rally could happen next.

The weakness of sellers to reach effective lows indicates that they have been losing strength. That created a falling wedge, a chart pattern that indicates a possible reversal.

Unless a significant bullish volume breaks through resistance, sellers will keep control. Exceeding the nearest resistance at USD 0.13 would allow opening the way for buying up to USD 0.16.

A further drop in the next few hours/days, hitting a new lower low, would indicate a possible search for support around USD 0.05.

By Alexander Salazar

The attack by Russia against Ukraine leads people worldwide to question the state’s power. Bitcoin allows for many security and privacy alternatives to confront the abuse of power.

The seeming lack of control in the conflict between Russia and Ukraine forces everyone to question how humanity lives. People change their minds or rekindle their convictions when there is a war on the horizon. That includes the idea that Bitcoin plays a determining role in the distribution of power and the evasion of state control.

Bitcoin inspires those trying to escape from established forms of control in conflicts, like the war between Russia and Ukraine. For example, banks, the state’s centralized power, and the military institution could affect citizens.

The Central Bank of Russia recently announced control in the foreign exchange market. Before that, the Russian stock market fell by 33%, and the European Union blocked the purchase of sovereign debt through 27 banks. That affected traders who import products, small entrepreneurs, and people with little purchasing power.

The financial institution also blocked the funds of Russian billionaires in Great Britain, and Germany disapproved of the Nord Stream 2 gas pipeline. Besides, more than 351 legislators of the Duma, three banks, and 27 citizens and entities that finance the separatists could receive sanctions.

However, the worst part seems to be on the side of Ukrainians, who have fled their homes fearing the bombing. In addition, international organizations remain still after the central bank of the country banned transactions with electronic money. Therefore, people who want to leave the nation could not take their savings if they have nothing left to carry.

Reflecting and Inventing Strategies Are Forms to Combat Control

Paradoxically, the best ideas arise in moments of crisis like the one between Russia and Ukraine. That should be a reason to reflect, question, and create strategies to face the control of governments or state institutions like banks.

Bitcoin is an alternative in those situations since no power or state can seize it. The latter cannot force a growing international community to change the rules supporting that decentralized electronic cash payment network.

Regardless of particular miners, the sum of computers validating and updating the status of transactions represents the power of collaborative work. That force does not have to give in to pressure from the military, the police, and the government. The connection to the network will allow people to transfer money without depending on banks or submitting to selfish legislation.

The decentralization concept promotes awareness of the risks of not confronting those wanting to take over everything. In other words, reflecting and inventing alternative strategies are forms to combat control.

Nobody Is the Owner of the Bitcoin Network

It is impossible to change the operation of Bitcoin for it to adopt the practices of already institutionalized payment systems. Not even a Bitcoin programmer could claim authority over the network, as with most projects developed in open source.

If a user collected enough computers to censor transactions or become a superpower, the others would only have to copy the code of Bitcoin. Given that it is free to use, they could create a new chain or pick it up at the point of the attack.

Bitcoin can isolate an entity attempting to use its power to harm someone, obtain a short-term benefit through a hack, or take control by force.

The attack by Russia against Ukraine could not affect the alternatives offered by Bitcoin regarding security and privacy.

Although many do not consider Bitcoin a store-of-value asset in this conflict, it allows moving money across dangerous borders.

By Alexander Salazar