Dogecoin (DOGE) has been one of the biggest losers of the past 24 hours, with its rate of exchange dropping by 7%. While, at first glance, this can be perceived as a bad news, there are still some positive aspects to consider. At the time of press, the coin is trading at $0.08983, and has been able to find temporary support at $0.08750.

This however will remain as only temporal, and a complete recovery cannot be achieved if buyers are unable to push the price back above the critical resistance level at $0.09055. Since its all-time-highs of $0.09980 (midterm level), the next bigger milestone is set at $0.095. In order to establish sustained upside momentum and move to next targets, the coin will need to stay above the noted currency exchange rate.

From a long-term performance standpoint, Dogecoin’s price action has not been in favor of bulls since its record highs at the start of the year. Since then, the price dropped to as low as $0.077, presently trading around the mid-term $0.085-$0.095 range. There have been no notable spikes in the opposite direction, which limits any possibility of a large increase in the currency exchange rate.

At the same time, recent positive news regarding the coin, such as the listing on Binance may have some positive implications in the near future. In addition to that, the coin’s social media presence grows along huge user base, and the adoption of Dogecoin is far from over.

For now, only time will tell if the coin is able to sustain its growth and move past the resistance at $0.09055. As the outlook highly depends on the external factors, any sudden changes can be the cause of significant shifts in the coin’s price.



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