Can Dogecoin (DOGE) Recover from Bear Trend?
The honeymoon had to end for Dogecoin at some point, and we are seeing the coin trail downward for several days now. Today marks a 6.68% decrease for the coin over the last 24 hours, bringing the DOGE rate to $0.1164 (DOGE/USD).
Dogecoin’s Bearish Momentum
The coin peaked on November 1st at $0.1554, and from there it has been falling, continuing a weeklong pattern today. The good news is that the bear trend has not been sharp or consistent. We have seen an upward swing in there but an overall bearish movement that is worrisome.
However, if we take a long view of the coin, it is obvious that it has not lost all its gains since the price started to climb. That began on the 25th of last month, starting from about $0.0597. The DOGE price has come a long way since then, rising as much as 160%. Today’s price point marks a gain of $0.0567 since the bull trend began, so plenty of the gains are still being retained. Anyone who bought up Dogecoin early in the bull trend has likely profited by now, so it is no wonder the coin is starting to slow down and lose some steam.
Where Does Doge Go from Here?
Trade volume is high today for Dogecoin, up 32% from yesterday, bringing in $1.47 billion in trade. That trade peaked at the start of the month, though, just above $8 billion in 24 hours at that point. The coin might have peaked for the month already, but it is far too early to tell yet.
There is still a lot of interest in Dogecoins at the moment, as it is one the most talked about crypto coins in the mainstream media, thanks in large part to Elon Musk’s Twitter activity. Based on what Musk does in the public sector, Dogecoin interest can rapidly rise or fall, so don’t give up on seeing sharp profits from the coin this month just yet.