Today may prove to be a very interesting day for Dogecoin. Not just because the “meme currency of the internet” celebrates its five-year anniversary, but also because it seems largely unfazed by the current crypto market onslaught. That in itself a very bullish signal in its own right, although it remains to be seen if this situation will remain in place for much longer.
Dogecoin Price Benefits From Bitcoin Gains
It is always interesting to see how people respond to Dogecoin. Although this project was never designed to be taken seriously first and foremost, it has become a very popular and successful project in its own right. In fact, it has become more successful than most people expected five years ago. This further shows how far Dogecoin has come in the past few years. As such, it cannot be overlooked under any circumstance.
Over the past 24 hours, there have been some interesting Dogecoin price changes. Although the popular altcoin lost 1.5% in USD value – which is only normal when looking at Bitcoin – it gained 2.1% in BTC value. Those gains aren’t sufficient to keep the price in the green where its USD value is concerned, but it is still interesting to keep an eye on moving forward. As such, it seems evident Dogecoin should be able to maintain its value of $0.002 in the coming days, although this may be a big struggle regardless.
On social media, there are always interesting opinions pertaining to Dogecoin. Melea-trust is one of those individuals who want to see all major exchange trade Dogecoin, which is not happening anytime soon. As such, one has to wonder why Binance isn’t actively trading Dogecoin at this time. It is very unusual, especially when considering how Binance wants to remain the biggest altcoin trading platform on the market.
— 🐞melea-trust o0 (@cryptoMelea) December 6, 2018
Today is all about the fifth anniversary of Dogecoin. The infamous currency has survived a few rough years, especially when considering how there has been no innovative development for quite some time now. Instead, it succeeded on its own without jumping on the hype bandwagon, and focused on community-driven efforts first and foremost. That in itself is the only real route to success, and a lesson plenty of altcoins need to pick up on accordingly.
Happy 5th Birthday #Dogecoin, thank you @ummjackson and @BillyM2k for creating this amazing coin. Lets remember how it all started “Investing in Dogecoin, pretty sure it's the next big thing." Jackson Palmer 2013
— Gary Littlemore (@GaryLittlemore) December 6, 2018
From a technical point of view, there is still a genuine chance the Dogecoin price will rise over the coming days and weeks. A very bullish outlook is shared by Annelin Ytrade, who is confident one DOGE will be worth $0.0044 soon. A target that seems rather unlikely to hit, although Dogecoin’s current price stability further confirms something interesting is bound to happen sooner or later.
— Annelin Ytrade (@AnnelinYtrade) December 6, 2018
Although all of the current market indicators seem to indicate the Dogecoin price will be going down soon, its BTC value helps offset some USD losses in the process. Whether or not that situation can remain in place for much longer, is a different matter altogether. For now, Dogecoin remains one of the more impressive markets to watch, although it remains to be seen what the future will hold exactly.
BTCUSD – Weak Corrective Move Headed Into Static/Dynamic Resistance (Weekly chart)
Price Action Context
Since the strong impulsive sell off in November last year, Bitcoin has been trading in a very tight horizontal corrective move, indicating that buyers really aren’t able to gain any ground. Price is now closing in on a static key resistance (top of corrective structure) which coincides with a potential dynamic resistance (20 EMA), creating a confluence.
LT bias is clearly bearish and this weak pullback into the static + dynamic resistance can offer potential shorting opportunities to traders looking to go short.
Key Support & Resistance Zones
R: 4215 – 4500
S: 3200 – 3450
Bitcoin [BTC] success rate was “so tiny” in its early days compared to recent times, says ShapeShift CEO
Erik Voorhees, the CEO of ShapeShift and a well-known influencer, spoke about the cryptocurrency price bubble and the bear market, in an interview for WhatBitcoinDid.
Voorhees stated that this was the fourth time he experienced the cryptocurrency bear market, adding that he has been in the space “pretty much” since the beginning. He further added that the bear market “gets bigger” and “more intense” compared to the previous one as the numbers and the impact are bigger.
Voorhees went on to state that he was the “least worried” about recovering from the 2017 bubble because the industry has made “so much progress,” which has resulted in the evolution of better technology. He said:“[…] I don’t know if markets will get crazy again in a month or in two years but they will get crazy again and so we sit here and we build and we get ready for that […] I mean, you have to understand the perspective I come from like back in 2011, we imagined some day maybe in our fantasies that this industry would be what it is today”
He then went on to state that likelihood of Bitcoin becoming successful was “so tiny” during its initial days, in comparison to recent times.“[…] we are not mainstream yet but we are we are getting there and most people in the world those people in at least in the Western world in modern society are familiar with Bitcoin they’ve heard of it it’s not the strange alien thing anymore.”
Analyst: Bitcoin (BTC) Reaching 5,500 is a Strong Likelihood, But Possibility of Drop to 3,000 Remains
Bitcoin has been experiencing a quiet weekend trading session and is currently firmly in the middle of its long-established trading range between $4,000 and $4,100. It is unclear how long this range will persist, but historically BTC has experienced fairly significant price swings after long bouts of sideways trading.
Now, analysts seem to concur that Bitcoin is posed to make a large upwards swing towards $5,500 in the near future, but it is important to note that the possibility of further downside still remains.
Bitcoin (BTC) Caught in Persisting Trading Range
At the time of writing, Bitcoin is trading down marginally at its current price of $4,020. Over the past several days, BTC’s volatility has been declining as its trading range grows tighter.
Although the upper bound of BTC’s current trading range will most certainly act as a level of resistance in the near-future, the key level that analysts and traders alike are closely watching to see how Bitcoin responds to is $4,200, which is where the crypto faced strong resistance and spiraled downwards from late last month.
Crypto Krillin, a cryptocurrency analyst on Twitter, recent discussed where he sees Bitcoin heading next, importantly noting that he believes the crypto will make an upwards swing towards $5,500 next, but further added that a downside target of $3,000 is still a possibility.
“THE MOMENT OF TRUTH FOR BITCOIN IS VERY NEAR. WE FLY STRAIGHT THROUGH THE CLOUD TO 5500, OR WE VISIT 3000. I’M LEANING BULLISH,” HE EXPLAINED IN A RECENT TWEET.
The moment of truth for Bitcoin is very near.
We fly straight through the cloud to 5500, or we visit 3000. I'm leaning bullish. pic.twitter.com/15a9QWXpKK
— Crypto Krillin ॐ (@LSDinmycoffee) March 23, 2019
$5,500 Becoming an Important Level For Bitcoin
Crypto Krillin is not alone in his belief that Bitcoin’s upside target currently exists around $5,500.
Yesterday, Galaxy, another popular cryptocurrency analyst on Twitter, explained to his nearly 50k followers that BTC is currently nearing the end of an ascending triangle formation, which means that the crypto is, statistically speaking, likely to make a large upwards price swing towards $5,500 in the next month or two.
“ACCORDING TO BULKOWSKI’S STUDY, MORE THAN 60% OF ASCENDING TRIANGLES WITH DECLINING VOLUME END UP BREAKING UPWARDS… WITH AN AVERAGE PRICE RISE OF 35%. THAT GIVES US A TARGET OF $5500 BTC ONCE THE BREAKOUT IS CONFIRMED,” HE NOTED.
According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards
with an average price rise of 35%
— Galaxy (@galaxyBTC) March 23, 2019
As the new week starts and trading volume begins to ramp up, the crypto markets will gain greater insight into just how strong Bitcoin’s current trading range is, and as to where it will head next.