With most of the top crypto markets still in the red, it is difficult to predict what today will have in store. Excessive bearish pressure is not welcome right now, although there isn’t much one can do about the overall trend at this time. As is usually the case when the going gets tougher, the Dogecoin price stands tall once again. A promising development, as reaching $0.0021 is not out of the question at this pace.
Dogecoin Price Momentum Triggers Excitement
It is always interesting to keep an eye on . Although a lot of people claim this currency should never have existed in the first place, it is still one of the most successful brands in all of cryptocurrency today. Especially from an inclusion and marketing point of view, Dogecoin has most of the competition beat hands down. This also explains why this meme currency remains in the market cap top 30 without any real problems.
Over the past 24 hours, the Dogecoin price trend has not been stellar, nor has it been problematic. A 0.6% gain in USD and BTC value looks rather poor on paper, but in reality, it offers a lot of hope. With a current value of $0.002084, or 52 Satoshi, the trend seems to be rather solid, all things considered. Its trading volume of just under $20m can prove to be rather problematic in the long run, though, as it may not necessarily suffice to warrant long-term excitement.
One of the main reasons why so many people stay loyal to Dogecoin is because of the high amounts of volume transacted over the network every single day. As the statistics indicate, Dogecoin transferred another $207m in value over the past 25 hours, which can only be considered to be a major success. This means Dogecoin still ranks ahead of many other top cryptocurrencies in this regard, even though this statistic tends to get overlooked quite regularly.
“sent” $207M USD last 24hrs
— mj (@silkmarketindex)
Although it seems highly unlikely Binance will ever add Dogecoin trading to its platform, the community has found a good reason for this approach. More specifically, CryptoPahmp claims the lack of a centralized leader to shill DOGE, combined with the lack of a financial “boost’ for liquidity purposes make this altcoin unappealing to the company. A bit of a strong sentiment which is rather negative, but there may be some truth to part of the claim, at least.
That’s my point. No centralized leader to shill to CZ and no additional fund ICO token premine to commit to “aid in liquidity” aka help binance pump & dump on plebs
— 🦡🔑Smash $20 into #bitcoin every Monday🔥🚀 (@CryptoPahmp)
Regardless of what the overall market sentiment might indicate, a lot of people are confident Dogecoin will rise in value eventually. Keyifkolik even goes as far as claiming now is a good time to stock up on DOGE. More specifically, he expects the Dogecoin value to “explore’ at any given time. It is not impossible such a scenario plays out, although Dogecoin isn’t necessarily known for its major price gains either.
top up your bags looks pretty good … sell wall is thinning around 52 … can explode anytime.
— keyifkolik (@S5RD1R)
All of the current market signs seem to indicate Dogecoin might push through to $0.0021 fairly soon. Now that the $0.002 level seems to act as solid support, there is a good chance this may be a sign of what is yet to come for all other markets. The main question is whether or not Dogecoin’s trading volume will increase in the coming hours, as that will be more than necessary to make this minor uptrend a success.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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Published at Mon, 18 Mar 2019 17:30:54 +0000
