Dogecoin Prices Drop Even Further, What Will It Take To Reverse The Bearish Momentum? Thursday, October 25th
Dogecoin Prices Drop Even Further, What Will It Take To Reverse The Bearish Momentum?
The last couple of weeks have offered nothing but price drops for Dogecoin holders.
When we last analyzed the price, a couple of days ago, prices were slipping and we could see no sign of a brighter day. True enough, today- October 25, Dogecoin prices are still dropping, dramatically might I add.
This time, at the time of writing the article, the coin is trading at $0.003719. This marks a 5.40% drop in the last 24 hours and a new month low. The last report on Dogecoin was coincidentally of a drop as it traded around $0.004381 at the time, at the time, it seemed like the bulls would find some resistance and begin a price reversal. However, we have only seen prices continue to drop. In the last 9 days, Dogecoin has dropped from $0.005 to what is now $0.003719.
DOGE/USD Price Chart, Thursday October 25th:
Dogecoin is in dire need of some positive news as this remains the only trigger that could see it go through a price reversal.
During the last report, we touched on whether the price surge witnessed between August and September- seeing the coin climb from $0.002 to $0.006, could have been a pump.
Well, this dramatic fall being witnessed now is sure making a good case for this. This could now be the dump in the pump and dump plot. If this is the case, we could see prices continue reversing and ending up right at $0.002 and if the ‘loyal’ bulls aren’t supportive of that position, it could even go lower than the $0.002 position.
The next couple of days will be crucial for Dogecoin holders. If the current slip continues and the coin falls to near $0.002, this will send panic across its holders and might trigger a sell-off. The bulls need to create a positive momentum before this, and given that the coin has established a 0.006 higher resistance level, speculators might climb on board. Even though they are not the most ideal holders to grow the coin, they’ll surely help it surge while the more ‘loyal’ holders consolidate.
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