It remains to be seen what the coming weekend will offer for the top cryptocurrency markets. A lot of uneasy momentum has materialized in the past few hours, which usually doesn’t bode well for the coming days. When even the Dogecoin price is turning a bit more bearish than it already was, there isn’t much to get excited about right now.
What is Happening to the Dogecoin Price?
It is not necessarily all that common to see Dogecoin – of all currencies – show weakness during a time when one would expect the opposite. So far, the year 2019 has not been too easy for DOGE, even though there is no real reason for this particular development. With the price still not breaking through the $0.002 resistance, and the 50 Satoshi level coming under pressure, things simply do not look good.
Over the past 24 hours, there has been another 0.7% decline in USD value and a 1.17% deficit over Bitcoin. Although the current price of $0.001985 will not worry too many people, the drop to 50 Satoshi isn’t comforting in the slightest. Although this is a solid support level for the Dogecoin price, it too can fall if push comes to shove. That is not something speculators are looking forward to.
On social media, there are always some interesting opinions regarding Dogecoin and other cryptocurrencies, tokens, and assets. Mj, for example, isn’t convinced Dogecoin should take a back seat to Nano, XRP, or ReddCoin at this stage. There is an argument to be made here, primarily because none of these markets are targeting the same users as of right now.
— mj (@silkmarketindex) March 8, 2019
In more positive news, it would appear the DogePal service will continue to push the appeal of Dogecoin in the right direction. It is a very interesting service which unlocks a lot of potential use cases, even though it is only designed for the Dogecoin ecosystem. Even so, the option to tip DOGE has been well received so far, especially because of the anonymity features users can explore.
can be used for advertising purposes
Overall, this project can increase Dogecoin’s adoption level"
— DogePal (@Doge_Pal) March 8, 2019
When looking at the actual Dogecoin chart, however, it remains to be seen what the future will hold exactly. As the new level of support is under a lot of pressure, a breakdown would be rather catastrophic for Dogecoin. As such, the coming few days will prove to be crucial in many different ways, although it remains to be seen how everything will play out. That will primarily depend on what happens to Bitcoin over the course of the weekend.
— TradingView Español (@es_tradingview) March 8, 2019
With these fresh losses in place as of right now, it is a bit unclear how dire things will get for Dogecoin over the coming hours and days. Although the USD value should remain in place for the time being, the 50 Satoshi level will need to provide strong support. It has been a while since DOGE dropped below this particular threshold, yet it may happen again in the very near future.
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.