Dogecoin’s price has declined for two months already. A small rebound is not strong enough to change the downtrend. Moreover, while most cryptocurrencies fall, buyers pay attention to DOGE least of all.
Dogecoin price repeats the negative dynamics of the main cryptocurrency, but with Bitcoin and Ethereum trying to recover, DOGE persistently loses this chance. On the 50-day chart below you can see Dogecoin’s price declined for almost the past two months.
DOGE / USD exchange rates for last 50 days:
Dogecoin started to speed up its fall on August 2 on the Hong Kong Exchange Bitfinex. DOGE/USD exchange rates moved even further to $0.0002012, but then Dogecoin slightly regained lost positions.
DOGE / USD exchange rates for last 7 days:
However, we foresee no return to growth for Dogecoin price in the coming days. The general trend in the market is not in favor of DOGE. While Bitcoin has not yet moved to a sustainable growth level, there are no chances for Dogecoin price to grow. And don’t forget about Dogecoin’s low trading activity on the major cryptocurrency exchanges, which is about 35%.
Now, the level of support is $0.00020. A break of this level will open the way to $0.00015.
There is a wide variety of developed cryptocurrencies and the huge amount of coins that are mined every day put pressure on their prices. The more cryptocurrencies produced, the less they will cost. Most of them can even be completely unnecessary. Does Dogecoin face such a fate? What do you think?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency.