The hourly charts for most cryptocurrencies start to show signs of weakness, which might signal some incoming bearish momentum. Although no real damage has been done so far, some of the early morning gains have been wiped out in the process. For Dogecoin, these small setbacks will not result in any real changes, primarily there is still a solid uptrend in place right now.
Dogecoin Price Rally has been Spectacular
After going through multiple weeks of stability, the Dogecoin price finally started showing very bullish momentum earlier this week. A very strong uptrend has been noted in the past few hours, despite some setbacks on the hourly charts. Although it seems unlikely the value will remain near the $0.0025 level for much longer, it is still a vast improvement compared to just a few days ago. Slow and steady will often win races.
Over the past 24 hours, there has been another strong 16% increase in Dogecoin’s value. This has pushed the price to $0.002479, although there may be a dip to $0.0023 in the coming hours. There is also a 9.6% increase in Bitcoin value, which further seems to indicate the uptrend might remain in place in that department. It is also the first time in a while one DOGE is valued at 70 Satoshi or more.
On social media, there are some interesting developments to take into account. Dogecoin has, according to some recent statistics, seen a healthy increase in the number of total users over the past 12 months. There have been some dips along the way, but overall, things are looking pretty good where active addresses are concerned. This further confirms the meme currency of the internet is still in a very good place right now.
Dogecoin has more users today than December 2017 via /r/dogecoin https://t.co/IiQmcVdO9o hot 🔥 in #reddit #dogecoin #doge #crypto much wow!
— Domain Address Info (@DomainAddress4u) December 18, 2018
For some unknown reason, the overall demand to get Dogecoin listed on the top 10 cryptocurrency exchanges continues to fall on deaf ears. Considering how Dogecoin transacts the third-most value over its network of all currencies, one would expect more companies to pay attention. For the time being, such an elusive listing remains out of reach, although it does create some interesting debates regardless.
https://twitter.com/silkmarketindex/status/1074871637760069632
Not a day goes by without a good Dogecoin meme showing up on social media. The current Dogecoin price chart has taken on a very different meaning when looking at the chart below. Illustrations can often make things look a bit more bearable, albeit one has to commend the person responsible for creating this chart for getting rather creative while doing so.
@DogecoinMemes $DOGE #doge #dogecoin pic.twitter.com/uIc4ITsJsr
— Orville WrightClick (@PMtrading20) December 18, 2018
Based on the current market circumstances, a small Dogecoin price retrace seems to be in order. Major uptrends usually can’t be sustained for more than a few hours and the hourly charts don’t look that impressive right now. Even so, it is very likely one DOGE will be valued at 70 Satoshi for the remainder of the day, whereas the DOGE/USD ratio may undergo some changes moving forward.
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