It will be an interesting weekend for many cryptocurrencies, tokens, and assets alike. Despite a lot of positive momentum brewing, the hourly charts look increasingly bleak for all of the top markets. For now, the Dogecoin price has not lost any real value in the process, but that situation may change fairly soon. The losses in DOGE/BTC put a lot of pressure on this particular market as of right now.
Dogecoin Price Momentum can Sour Quickly
Although the weekend is usually a terrible period to trade cryptocurrencies, tokens, and assets, this week may offer something entirely different. A lot of traders will be pleased with the way things are going right now, primarily because most of these gains were completely unexpected at this time. Even so, the current profits could be wiped out rather easily, primarily because Bitcoin is looking pretty bleak on the hourly chart.
Over the past 24 hours, the Dogecoin price damage has been contained for the most part. In fact, the USD value has risen by 1.4%, which is a pretty interesting trend. Because of this uptrend, one DOGE is still valued at $0.002. However, there is a 0.8% decrease in DOGE/BTC, as a 0.8% setback has been recorded in this department. This is not necessarily a promising turn of events, at the 50-50 Satoshi range will come under a lot of pressure.
On social media, most of the Dogecoin-related discussions pertain to the price. That is only normal, even though some of the advice issued earlier today by Ryan Treadwell is no longer viable at this time. It seems a lot of the top currencies are already on the retrace right now, which means things could get gnarly for Dogecoin over the coming hours. It could still be a good time to buy DOGE, though.
One of the main advantages Dogecoin brings to the table is how it is both fast and cheap to use for transactions. So much even that virtually any amount can be transacted for $0.0002 in fees or even less. That in itself is very different from Bitcoin or most other cryptocurrencies. However, it may not necessarily be a primary reason for a DOGE price change, either for better or worse.
While Dogecoin is best known for its memes, it does appear the “Doge for President” campaign is interesting to keep an eye on. While clearly intended as a joke, one has to keep in mind the ‘artwork” floating around on the internet is making quite an impact. Depending on how one feels about the current political climate in the US, Doge for President in 2020 might not necessarily be such a bad idea whatsoever.
All of the signs seem to indicate most of the positive cryptocurrency market momentum will be wiped out sooner or later this weekend. For the time being, it seems Dogecoin might remain in the clear for some time to come. That doesn’t necessarily include the DOGE/BTC ratio, which is already facing a growing amount of pressure. An interesting weekend lies ahead, for obvious reasons.
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.