One can never deny the fact that Dogecoin fought back with tremendous strength after a lengthy bearish trip. Indeed, the incredible price momentum has enabled it to recover many of its past losses.
Recently, though, the coin was noted to be caught again by the bears. The price dropped dramatically as quickly as yesterday’s market opened.
Since Dogecoin is already known to be mainly affected by Bitcoin, the market has also seen some downward trends in the cost of Bitcoin.
However, considering the present scenario of DOGE, the price can now be seen under bear pressure as seen in last month’s price fluctuations.
Due to the continuous bear pressure, Dogecoin was unable to maintain its place in the upward spectrum as they gained power from the end of June. DOGE has shown a lot of price changes from the previous month and is mostly trading below the baseline with rates ranging from $0.0023 to $0.0029.
Well, the best part is that it has now been possible for Bitcoin to compete in favorable numbers. A big amount of analysts therefore strongly anticipate that Dogecoin is coming up with some bulls today in the near future.
If the expectation goes according to expectations, the coin will quickly yield favorable outcomes and the market may go all green.
THE CURRENT SCENARIO
Let’s look at where it is now before assessing the depth of the coin.
The coin now has a 352.50 percent ROI given the current statistics of the crypto and is presently trading at $0.002567.
Regarding the 24-hour amount, somewhere around $23,058,645 can be found.
It was about $300,036,054, in terms of the market cap of the company, while the circulating supply was discovered to be DOGE 121,009,493,835.
THE UPS AND DOWNS
Due to the bear pressure on the crypto market, Dogecoin’s price was continuously in the reduced range. The cost came down from a high of $0.002897 on August 19, 2019, to $0.002360 on August 29 to 18.46%.
DOGE then produced a recovery of 13.68 percent at $0.002683 on September 09. With the bears displaying an upper hand, Dogecoin’s price dropped again to $0.002319 in the next 8 days; the downward motion was 13.64%. In the next 4 days, the DOGE cost went up to 10.71% at $0.002567. Dogecoin, as of 16th September, trades at $0.002478, which is again 3.84% smaller.
THE FUTURE OF DOGECOIN
From the start of the year, the dogecoin cost has seen many variants. DOGE’s price moved in a flat spectrum until April, when it unexpectedly rose during April’s first week. Dogecoin had managed to maintain its momentum as late as it was at $0.0032 on July 16, but by then the bears had gained strength, and the downslide for the coin started.
Analysts expect this volatility to run its course for the short term and think that DOGE can bounce back by the end of the year.
This is the correct moment for long-term investors to make their investment. Short-term and daytime traders should make cautious investments, taking into account market circumstances.