The Dogecoin price spiked by 12 per cent in yesterday’s trading session. However, today’s session is looking to be a resumption of the crypto’s sideways market, which, in most sessions, ends up reversing gains or losses made in the previous day.
The Dogelon price has continued to struggle for the past few weeks, even as the cryptocurrency industry continues to struggle. Dogelon has also failed to react to the recovery of the industry, and on most days, traded bearishly when cryptocurrencies such as Bitcoin and Ethereum were going up.
The impact has been a long-term sideways market along the $0.00000035 resistance level. Dogelon has also continued to underperform in the markets, with a price drop of 3% for the month, compared to other cryptocurrencies such as Bitcoin, which is up by 15% for the month, and Ethereum, which is up by more than 50%.
However, what we are seeing in the markets for Dogelon is not surprising. For instance, Dogecoin, which is also a memecoin, has also been hit by a similar performance for the month. Other memecoins such as Memecoin, which is up by 8 per cent for the month, are also far behind the market’s performance, highlighting that the problem is likely with the memecoins and not with the industry as a whole.
Dogelon is down by 3 per cent in today’s trading session. The drop follows yesterday’s strong and aggressive push to the upside, which saw the prices surge by 12 per cent. Looking at the chart below, there is a high likelihood that today’s price drop is not a trend reversal. This is partly because the crypto has been trading in a sideways market for weeks, and has failed to establish a trend during that time.
Therefore, in the next few trading sessions, there is a high likelihood that the prices will continue to trade along the $0.00000035 resistance level. It is also likely that the current sideways market may continue for the next few weeks. Trading in a sideways market is risky, and therefore, speculation about where the next trend will be can also be risky.
This post was last modified on %s = human-readable time difference 16:13