Dogecoin price short term Bullish trend

Dogecoin price short term Bullish trend

Dogecoin (Doge) has been struggling with the market pressure to make its way up. The coin is reflecting a disappointing movement in the ongoing month. from the past month, we cannot see any hope of a major escalation in the Dogecoin."Dogecoin price short term Bullish trend"

Dogecoin price short term Bullish trend

The currency might recover in the last few days of the month, but the DOGE holds the possibility of closing the month at a loss if compared from the opening price of the month.

Following the past 7 days price of Dogecoin variation, Dogecoin is reflected in an upward movement, forming a short-term ascending channel pattern. As we have seen, the market is currently testing the lower boundary after a decent retracement. A price bounce-back is likely to hit the $0.00255, $0.0026 and $0.00265 resistances.

While hovering Dogecoin price at around $0.0026, a significant breach may bring the Doge market below the channel pattern, testing near supports at the $0.00245, $0.0024 and $0.00235 levels. Nevertheless, the Dogecoin trading remains intact in a bullish pattern range at the moment.

As revealed on the RSI, the price has continued to maintain a downward direction after leaving the overbought zone on September 2. The Stochastic Relative Strength Index (RSI) oscillator has dropped below the 50 level – a further price reduction may bring the coin into the oversold territory, causing a bearish continuation for the DOGE market.

Dogecoin Joking aside

In that way, In the serious April Fool’s gag served to subtly reinforce how Dogecoin is different from other cryptocurrencies – particularly the ones that emerged as part of the infamous 2017/2018 bull run. Like Dogecoin (Doge) itself, it was more than just a joke.

“Dogecoin is not a trading company, and the core developer team does not have executives,” Lumin said. “We have a core dev team that’s dedicated to keeping things fast and running (and we don’t get paid. None of us are ‘dogecoin rich’).”

Lumin is firm on their assertion that Dogecoin is “not a speculative instrument,” devs at the project take the stability and usability of the coin seriously. In that way, the April Fool’s gag encased a greater truth, Lumin points out that “Stability is what 1 Doge = 1 Doge actually means.”

While that might be another meme, one that leads many to overlook its hidden truth, it has – according to Lumin – kept the coin alive and usable. Even if some people do hate the saying.

After speaking with the developers, Nicoll and Lumin, it’s clear that Dogecoin is a serious project. But the devs cannot deny the power of the meme.

“The Dogecoin meme reputation is a major part of what sets us apart from other coins, and while it presents its own unique challenges, we wouldn’t be here without it,” Nicoll concluded.

NEO is All Set for a Price Recovery

Post a Comment