Don't worry if you're stuck with DOGE at a high position; learn these strategies to help you easily break even!
DOGE has recently been fluctuating around 0.25, reaching as high as 0.35 and not dropping below 0.2. I think this kind of volatility is quite normal, especially since the last time Dogecoin surged, it attracted a lot of new funds. Now it needs time to digest and, by the way, wash out those uncertain investors. How to wash? It’s by following the market up and down, with large fluctuations.
However, the volatility of Dogecoin is much greater than that of BTC or ETH; this is a characteristic of small altcoins, and there's nothing we can do about it. Some friends bought in at a high point and are now stuck, but don't worry, I have some tips for you:
If the Dogecoin you hold is not more than half of your total position, then don’t rush to sell at a loss. Wait for it to pull back to around 0.25, then buy a bit more to lower your average cost, making it easier to break even and make a profit later. Remember, when buying spot, if uncertainty is high and the position is poor, you should buy in batches to get a better price!
But if you're fully invested or nearly fully invested in Dogecoin at a high price, and there's no good news in the short term, then it will be difficult to return to your cost price. At this point, sell a bit during each rebound to lighten your burden. This isn’t because I don’t believe in the future of Dogecoin; rather, you need to leave some funds for other opportunities. After all, when a bull market comes, various altcoins will rise, and if you put all your money into Dogecoin, you might miss out on other profitable opportunities, at most just returning to your cost line and making a small profit.
We come to the cryptocurrency circle to make money, so we need to be smart and use our money wisely, rather than stubbornly sticking to one coin. Sometimes, knowing when to let go is also a form of wisdom. Everyone should learn more about the correct ways to trade contracts and spot; stop buying blindly!
Are you stuck? When is the right time to bottom out? As I said, if you're confused and don't know what to do, follow me, and comment '168' to get on board.
