Home / Crypto Currency / Dogecoin Price Spike to $0.0058 Remains a Likely Scenario Despite Current Dip

Dogecoin Price Spike to $0.0058 Remains a Likely Scenario Despite Current Dip

Even though things were looking relatively smooth for Dogecoin, its imminent uptrend has not materialized by any means. Similar to most other altcoins, DOGE is bleeding value in both USD and BTC. This trend should reverse course soon, as the altcoin is massively oversold according to some analysts.

Dogecoin Price Still Looks Promising

Even though it may not necessarily look like it, Dogecoin is still far better off than most people assume. The current net loss may not be too impressive to look at, but this altcoin has been one of the more resilient offerings in all of cryptocurrency. As such, it is not unlikely Dogecoin will be the first to signal a major price boost after this correction is over.

In the past 24 hours, the value of Dogecoin has dropped by 6% in USD value and 5.5% against Bitcoin. That latter part is somewhat worrisome, especially because Bitcoin’s USD value is going down a slippery slope. For the time being, this trend may not necessarily reverse course, although there are some indicators which tell a different story.

Looking at social media activity pertaining to Dogecoin, there is still a strong focus on the value transacted over the network. This altcoin surpassed $1bn, ensuring it stays in second place behind Bitcoin itself. That is quite a telling sign, although these statistics are often overlooked by cryptocurrency enthusiasts for some reason.

For a more technical view on things, it seems Dogecoin has hit the “low” speculators have been looking for. If this support level holds – which it seems to be doing – there is a big change the value will spike to $0.0058 in the coming weeks. That would be a significant increase, although a drop to $0.0022 is not out of the question either.

MattisCrypto confirms Dogecoin appears to be well in the oversold territory at this stage. If that is indeed the case, there is a very good chance Dogecoin will rebound in the coming hours. As such, this rise to $0.0058 is not as difficult or unlikely as some may think. Making it come true is something else entirely, though.

As is usually the case when cryptocurrency markets face some resistance, it remains pertinent to look at the bigger picture. In the case of Dogecoin, things look incredibly promising despite this most recent setback. While that is not necessarily something that will happen overnight, there is a very real chance the best has yet to come for Dogecoin in 2018.

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.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. 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. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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