In the cryptocurrency world, very few coins tend to generate so much excitement as Dogecoin. Even though it is not the most exciting market to keep an eye on, it usually serves as an overall industry trend indicator. With the Dogecoin price now on the rise and successfully surpassing $0,002 again, it seems the rest of the week will yield interesting market momentum.
Dogecoin Price Finally Catches a Break
It has been coming for quite some time now, but the value of Dogecoin has finally overcome a key resistance level. Although OGE is far from the only cryptocurrency to note real gains today, it seems there are a lot of people out there who keep a close eye on this particular market. Especially holders who want to increase their BTC holdings will pay close attention to the meme currency of the internet.
To put everything in its proper perspective, the Dogecoin has surpassed the $0.002 level again. This is made possible following a 2.85% increase in both USD and BTC value alike. In terms of DOGE/BTC, the 50 Satoshi acted as solid support through a worrisome weekend. Today, one DOGE is valued at 52 Satoshi again, although not much further progress is to be expected at this time.
On social media, it seems the usual Dogecoin-related discussions are taking place. Mj confirms there is a lot of value being transferred on the network in the past few hours. In fact, Dogecoin transits more value per hour than some other top currencies do in an entire day. That alone tells something, even though it doesn’t necessarily reflect on the price in either positive or negative fashion.
#Dogecoin now “sending” $11M USD per hr., vol is getting froggy. https://t.co/924UU0KSIt
— mj (@silkmarketindex) March 12, 2019
Many people expect Dogecoin to go tot he moon some day. Jan Hvizdak, on the other hand, expects the moon to come to Dogecoin. It is a very different semantic, although the end result could very well be the exact same. When this is expected to occur, is anyone’s guess. There is still a long way to go until any currency, token, or asset comes near “moon levels” again.
#dogecoin will not go to the moon. It’s the moon that will come to dogecoin #crypto.
— Jan Hvizdak (@realJanHvizdak) March 12, 2019
When looking at the current DOGE/BTC price chart, it is evident a tug-of-war is going on. While the 50 Satoshi support level has been under a lot of pressure, it now seems the 51 Satoshi level will take its place. As such, it is up to traders to nibble away at 52 Satoshi if they want this run to continue. It will be difficult to do so, though, but one never knows what the future may hold.
Go #dogecoin go. $DOGE starts to rise. pic.twitter.com/RNSg40fRcC
— Doge Love [Broke Philanthropist] (@DavidLoveDoge) March 12, 2019
For the time being, Dogecoin holders would do well to enjoy this semi-bullish run while it lasts. The cryptocurrency industry has seen numerous setbacks after some promising momentum, and this run may end up the exact same. However, if Bitcoin were to remain in the green as well, anything can happen. It will be interesting to see how long the value can remain above $0.002 this time around.
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
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