Based on the current cryptocurrency market momentum, it is a bit unclear what the weekend will offer exactly. Although there is a fair bit of bearish pressure, which is only to be expected after a wild week, there is always a chance the markets will simply turn around on a dime. In the case of Dogecoin, the current trend may look worrisome, but that is not necessarily the case.
Dogecoin Price Trend Isn’t Half bad
Although most people would have liked to see the cryptocurrency bull run continue for months on end, that is not how most of these markets work exactly. Instead, there is always a need for a correction after strong gains in the past few days. In the case of Dogecoin, such a brief bearish trend could not be avoided altogether, although that doesn’t have to be a bad thing in the slightest.
Over the past 24 hours, there has been an 8.5% decline in the Dogecoin price. This pushes the value down to $0.00246 again, after hitting $0.0027 a few days ago. That is an unfortunate trend, but there isn’t much one can do about this trend under these circumstances. There is also a 4.5% deficit in the DOGE/BTC ratio, which brings the value down to 63 Satoshi. That is a bit of a downer after seeing Dogecoin sustain the 70 Satoshi level, but that is the way things go right now.
On social media, there is never a shortage of Dogecoin-related discussions, which is always a promising trend. When Christmas comes around, this ecosystem sees at least one relatively big giveaway. The year 2018 isn’t any different, as one random Reddit user will get Dogecoin gifts through the Millionaire Makers drawing. Another sign of how the Dogecoin community comes together during times like these.
— Domain Address Info (@DomainAddress4u) December 22, 2018
Sherilyn Sciame is looking at the current Dogecoin market trend from a slightly different angle. This user is confident Dogecoin is currently in an accumulation stage at discounted prices. In fact, this user expects a near 10x on Dogecoin in the coming months, pushing its value to $0.02. That is an interesting outlook, although it wouldn’t necessarily be impossible to hit such a price target if all markets go into the next major uptrend.
#dogecoin on discount accumulate. reasonable price target is two cents. I hope everyone will have additional 12 month reasonable period happy new year
— Sherilyn Sciame (@sinequanun) December 21, 2018
Dogecoin users will also be pleased to know the Tipestry DOGE tipping solution is back in full effect. After having the service temporarily disabled two days ago, it was brought back online yesterday afternoon. A positive development overall, as spreading the word on Dogecoin is always an option worth looking into.
#dogecoin tipping is back up.
— Tipestry (@tipestry) December 21, 2018
It would appear the bearish pressure may continue throughout most of the weekend, which is a positive sign overall. Rather than seeing one massive dip of 20% or more, this slow and steady retrace paves the way for further gains in the future, assuming the markets will swing that way. For the Dogecoin price, remaining above $0.002 is not a big challenge whatsoever, although it remains to be seen how low the value will go exactly.
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.