Dogecoin getting added to Coinbase is going to be one of the biggest crypto events of the year, which is why we're releasing a short-term Dogecoin price prediction for when it happens.
Money Morning crypto trading expert Tom Gentile took a deep dive into Dogecoin's charts, particularly zooming in on its Fibonacci levels.
And then he issued a Dogecoin forecast you can't afford to miss.
Here's what's going on with Dogecoin prices and why its listing on Coinbase could be a gamechanger...
A Dogecoin Price Prediction for the Coinbase Listing
First, Dogecoin is not a compelling investment over the long term. Take a look at our full breakdown of Dogecoin's long-term prospects here.
But that doesn't mean you can't make money trading it.
By looking at chart patterns, traders can spot good times to buy or sell cryptocurrencies to make money over the short term.
The reason we're keying in on Dogecoin's Fibonacci retracement levels is that they can show us important support and resistance for the price. The Fibonacci levels are 23.6%, 38.2%, 61.8%, and 78.6%, based on the Fibonacci sequence, a mathematical ratio that can be found in nature.
Traders use the levels to predict where the market will move and where support and resistance can be found.
By zooming out to last year, the Dogecoin Fib levels show us something interesting.
Dogecoin peaked during Elon Musk's "Saturday Night Live" appearance. Since then, it's plunged, but found support near the 61.8% Fib level at $0.265.
It's currently trading around $0.335, just above that key support level. Tom thinks it will ultimately settle closer to $0.265. That's more or less in line with our long-term forecast for the coin.
But that's not the end of the story right now.
A Crypto Market Set to Explode
Tom Gentile's showing folks his tool for finding winners in a little-known corner of the crypto market with big profit potential.
A Crypto Market Set to Explode
Tom Gentile's showing folks his tool for finding winners in a little-known corner of the crypto market with big profit potential.
Dogecoin is likely being added to Coinbase, which will make it even easier for investors to buy. This is going to be a major short-term catalyst that could send the price skyrocketing, at least in the short term.
"What we've noticed is that every time a coin gets listed on Coinbase, it goes up by 100% on the day it lists," says Tom.
Coinbase CEO Brian Armstrong said Coinbase will add DOGE in about four to six weeks from now.
Now, there are no guarantees in trading, but if you're looking for a lottery ticket type of play on crypto, this could be it. This is going to be a "sell the news" event too, similar to Elon Musk hosting SNL. You'll want to sell the day it lists after you've taken gains. After that, it could start to tumble back down again, just like after Musk's appearance.
And don't forget, this isn't the only way to trade crypto. This might be good for a quick hit, but Tom's subscribers can find even more opportunities.
Possibly the Easiest (and Most Lucrative) Way to Make Money on Crypto
Navigating the cryptocurrency market can feel a bit like throwing darts at a board, especially when volatility comes to "crash the party."
That's why Tom Gentile, America's No. 1 Pattern Trader, developed a method for spotting winners in a little-known slice of the crypto market - through any market condition imaginable.
It's a method with a 95% win rate, and Tom's used it to beat the stock market by 640% in the last year.
This corner of the crypto market is projected to get a $14.2 trillion boost in the next four years - and Tom's just the person who can show folks how to tap into it for the biggest potential gains.
Virtually anyone can do this, starting with as little as $100. We'll show you how, right here.