Dogecoin Price: DOGE Still Falling Amidst Bullish Market, Where Does It Bottom Out? Monday, November 5th
Dogecoin Still Falling Amidst Bullish Market, Where Does It Bottom Out?
Most altcoin holders are smiling today- November 05, following a bullish market that has seen a majority of coins soar. Unfortunately for Dogecoin holders, their coin is not among the soaring coins. In fact, the price has dropped in the last 24 hours. For the last month, the coin has continually been dropping and today marks a three-month low. At the time of press, Dogecoin is down by 2.31% and is trading just above the $0.0036 mark. The last time Dogecoin was trading this low was August 31. Could this price reversal be heading to lows of $0.0023?
DOGE/USD Price Chart, Monday November 5th:
November Shows Signs Of Being As Tough As October
During the month of October, Dogecoin fell by 37%, this is by far more than what other altcoins lost during the month, despite the general market dip. Other coins have also in recent days made a bullish rally in an attempt to make recovery. But Dogecoin remains in the red zone and continues to fall below crucial support levels. If the coin continues to lose positions, November could prove to be even tougher for holders than October. This could also see the coin end the year on an all year low. In 2018, the lowest position the coin has taken is $0.0022.
For now, holders will be keen to see if the drop is reversed and if the coin manages to stay above the $0.0036 position. A drop below $0.0035 could spark panic among holders and trigger a sell-off. As stated earlier, the last time the coin was below the $0.0035 position was on August 31, and a drop to this low could signify greater losses ahead.
According to a few pundits on social media, they expect Dogecoin prices to bottom out at $0.0023.
Dogecoin has been dubbed “Internet’s favorite cryptocurrency” and has been a favorite for many in 2018, but its recent fall is taking much of its good reputation away.
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