This is a market that every time it rallies, there will be sellers.
Dogecoin is now hovering just above $0.05, and therefore it’s likely that we are eventually going back to even lower levels. It looks as if the market is trading back and forth in this area, which makes sense considering it is a bit of a psychological figure. That being said, it’s almost impossible to imagine that we are going to turn around and skyrocket anytime soon, due to the fact that the entire cryptocurrency world is falling apart.
This is a market that every time it rallies, there will be sellers. The market will have to pay close attention to the 50 Day EMA just above, which is at the $0.08 level. Ultimately, I just don’t see a scenario where this changes anytime soon, because even Bitcoin and Ethereum are struggling, so it is a real stretch of the imagination for meme coins to suddenly be hot again. This is one of those markets that you buy as people start piling into anything crypto-related, understanding that you need to get out before those same people realize it’s just a passing fad.
I have to question whether or not this project ever recovers, but even if it does, it’s going to be nowhere near as powerful as it once was. This was just simply people buying random crypto, based upon nothing but the hype on social media. Do not get me wrong, we will see something like this again because markets do tend to repeat themselves. Whether or not it’s crypto, or something else remains to be seen.
Regardless, do not be surprised at all to see this market drop below the $0.01 level, essentially becoming worthless. “Have fun staying poor” is something that Bitcoin traders have stopped saying online, so I can only imagine what the Dogecoin community is saying these days. Regardless, this is a market that continues to grind lower and I think is going to struggle to survive. In fact, it’s not until we break above the $0.20 level that I would start to look at it from the outside, which would be a 400% return from where we are. There are easier places to make money at this point in time. However, I suppose if you wanted to gamble a bit, you could always buy a handful of coins and put them away.