Yesterday was a bit of an odd day for all cryptocurrencies. A lot of markets were on the verge of recovering lost value, albeit some came up short pretty quickly. In the case of Dogecoin, things went alright yesterday, yet it seems today is the day on which the market effectively recovers a bit. A price push to $0.0025 is not out of the question, assuming Bitcoin does not tank again in the coming days.
Dogecoin Price Momentum Starts Looking Healthy
Dogecoin got very close to rallying yesterday afternoon, yet that trend was stopped cold in its tracks due to Bitcoin suddenly losing a few percents again. That is not an entirely surprising trend by any means, especially because there is no price stability in the slightest. In fact, it seems like Bitcoin will drop a slow as $3,000 in the coming weeks, which is not necessarily something to look forward to.
In the past 24 hours, there has been a notable Dogecoin price increase. Both the USD and BTC value of Dogecoin have risen by over 5%, which is a pretty positive trend, all things considered. Combined with a somewhat decent trading volume of $15.5m, Dogecoin may very well be underway to effectively make some big moves moving forward.
It would appear there is some cautious optimism associated with the current Dogecoin price momentum. Stanislaw Matt expects the currency to keep rising moving forward, although there may be some further setbacks down the line. That is not necessarily a terrible assessment for the market conditions, although it remains to be seen how high – or low – the price can go in the coming weeks and months.
As is always the case when cryptocurrencies lose or gain value, small arbitrage opportunities will show up fairly quickly. In the case of Dogecoin, buying on Koineks and selling on Livecoin can effectively yield some decent profits. That is something to look forward to as a speculator, although long-term holders may not be too interested in exploring this opportunity whatsoever.
Not a day would go by without a proper Dogecoin meme being shared on social media. This new mashed potato Dogecoin meme is pretty interesting, considering how it is Thanksgiving and all. It is always interesting to see how people come up with different ideas for memes involving the infamous Dogecoin logo. Images like these can always cause a good chuckle or two.
The current market conditions do not necessarily warrant too much short-term optimism, though. When looking at the bigger picture, Dogecoin has proven to be a very stable currency more often than not. For today, it seems remaining the value of $0.0024 will be the main order of business, and a push to 0.0025 is not impossible. However, that will primarily depend on Bitcoin’s USD value, which appears on the verge of dropping again.