With all major currencies still under a fair bit of pressure, it seems there will not be any bullish market momentum for the foreseeable future. Considering how all markets rely on Bitcoin in one way or another, things are not looking too great right now. The Dogecoin price, while usually remarkably stable, is facing an onslaught as well. Its value dropped below $0.002 again and the 50 Satoshi level may not remain in place for much longer either.
Dogecoin Price is Struggling for Traction
It has quickly become apparent the bearish trend which began shaping up yesterday is not a short-term setback. Although the markets are showing minor attempts of turning bullish once again, it seems rather unlikely there will be any positive momentum to speak of. No market is capable of escaping this negative pull of Bitcoin, not even Dogecoin. That in itself is not a promising sign for the remainder of February 2019.
To put this in perspective, the Dogecoin price has decreased by 7.6% to bring its USD value to $0.001943. There is also a minor 0.5% decline in DOGE/BTC, which seems to indicate Dogecoin might make some form of impact in that regard. However, the 51 Satoshi level is currently under so much pressure, one has to wonder if it can effectively hold up. For now, that is a question which cannot be answered right away.
Even though the price momentum might not necessarily make too many people excited, there are still plenty of people who like Dogecoin. Tom, for example, enjoys the speed and stability of Dogecoin which, in his opinion, cannot be found in most other cryptocurrencies. While it is certainly not the only currency to note some stability and speed of transacting, Dogecoin has also one of the most solid brands on the market.
Well, I like #dogecoin. And not just because it's a dog on a coin, which is pretty awesome in itself.
But mostly it's the #doge
— Tom (@tom_carbon) February 24, 2019
There is also some concern regarding the current and future status of Dogemoon. Although any cloud mining project deserves to be scrutinized first and foremost, it appears a lot of people have been using this service. With the website going completely dark without prior announcement of explanation, there is a chance this program will be shut down for good. Not necessarily the development users are looking for, but it was somewhat to be expected.
— Domain Address Info (@DomainAddress4u) February 25, 2019
Similar to virtually all other cryptocurrencies, tokens, and assets on the market, there are a few arbitrage options to explore where Dogecoin is concerned. Although the gains are a bit lower compared to some other markets, the 1.2% profit on average is not necessarily all that bad either. As the price remains volatile for some time to come, there is a chance this arbitrage gap will remain in place for some to come.
— Arbing Tool (@ArbingTool) February 25, 2019
All of the Dogecoin-related circumstances seem to confirm the USD value will not necessarily budge all that much. When it comes to DOGE/BTC, however, there is something to look forward to, as this ratio seems to be correcting itself rather swiftly. While that may not necessarily result in much positivity overall, there is always a chance things will improve from here on out.
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.