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Dogecoin Price Loses USD Gains Following DOGE/BTC Decline

When it comes to analyzing the cryptocurrency market trends, most people look toward Dogecoin for any real overall indicators. So far, it seems the meme currency of the internet is struggling to note any real gains in either USD or BTC value. While its value tends to remain stable first and foremost, investors and speculators are hoping for some positive price action. When that will materialize, remains to be determined.

More Sideways Action for the Dogecoin Price

Even though all of the top cryptocurrency markets have shown some positive momentum, not all altcoins are following this pattern whatsoever. Dogecoin, for example, usually bucks the negative market trend without too many problems. Unfortunately for speculators, it doesn’t necessarily follow uptrends either. This has become more than apparent over the past few days, as it appears DOGE remains at a status quo for now.

Over the past 24 hours, the Dogecoin price hasn’t moved all that much in the USD department. A 0.36% difference won’t make many people excited, as the price per DOGE remains at the $0.002135 level. What is somewhat troublesome is how Dogecoin loses more value against Bitcoin, following another 2.57% decrease. Although one DOGE is still valued at 58 Satoshi, reclaiming the 60 Satoshi level remains an ongoing challenge.

On social media, there is still a positive attitude toward Dogecoin as of right now. Taelyn wouldn’t mind seeing another new price drop prior to the launch of the upcoming Bakkt trading platform. Although that trading platform is widely considered to be a major breakthrough for all cryptocurrencies, the market hasn’t responded in mind to its imminent launch. Calling for Dogecoin drop is a bit odd, though.

At times like these, it is important to keep the bigger picture in mind at all times. Tom, a fan of Dogecoin, was attracted to this altcoin due to its technical features such as being fast, cheap, and having a fixed rate of production. There is also a large community, which is something a lot of other cryptocurrencies struggle to achieve. As such, it seems the future for Dogecoin looks bright regardless of what the current price might indicate.

When looking at the Dogecoin price chart from a technical perspective, it seems the DOGE/USD segment will undergo some potential changes in the near future. For the time being, it is still unclear if this results in an uptrend or downtrend, as both options are equally viable at this point. Given how DOGE/USD tends to move up following Bitcoin’s recent gains, it seems a positive outlook might be warranted at this time.

For the time being, the Dogecoin market remains at a crossroads. Which direction will be taken from this point forward, is impossible to predict. Although one would expect a higher USD value following Bitcoin’s recent push, the momentum is negated through DOGE/BTC losses. This creates a fair bit of market uncertainty, albeit there is no panic to speak of just yet. The coming hours and days will prove very interesting for Dogecoin, regardless of how the market evolves.


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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