Crypto Market, Dogecoin Still Down: What’s Going On?
The crypto markets are still down. So what’s going on? Some people call this the accumulation phase, where a lot of people are accumulating. That means a lot of other people are selling. There’s also some fun going on. Fear, uncertainty and doubt. Media still throwing shade at crypto currencies, particularly Dogecoin.
Let’s start by looking at the Dogecoin chart. On Sunday morning, we see a little bit of an uptick, but we’ve seen those upticks before and they’re usually followed by a red candle that drops the price back down. That’s the phase we’re in. Call it trading sideways or call it accumulation.
So Dogecoin, is it really moving up very fast any time soon?
There is some good news. And here’s an article on the street. Dogecoin upgrade, much change, much while Dogecoin upgrades include cheaper transactions, lower test limits, reduce potential for transaction fallibility. So this is great news for Dogecoin. Devs are working on a series of upgrades.
There’s two proposals that are being worked on. One of them is to add features similar to Bitcoin that remove certain bugs, open the chain to more possibilities. The second very recent proposal includes a greatly reduced transaction fee that will lower the average fee by one hundred times.
Where are the markets going to go from here?
Some good news, some bad news, sideways trading. It just seems like that’s kind of the way the market is right now. Everyone’s just kind of waiting to see what happens. And this isn’t like the stock market where you have stocks who are waiting for earnings reports. Good news for the stock market can bring the market up. Cryptocurrency trades differently. There’s a lot more manipulation going on in the crypto markets than there is in the stock market.
People are getting impatient with cryptocurrency. People who just don’t have the patience aren’t going to wait it out anymore and are going to get out. So that’s what happens. It’s a transfer of cryptocurrency from the impatient to the patient. We’re investing because we want to make money. So longer term holds tend to work better for making money. If you sell now, you sell for a loss.
What are those catalysts and what it’s going to take for Dogecoin to go up in price?
We need new buyers coming in. we need a lot of good news to bring in those new buyers. Tesla, Robinhood, SpaceX, and still many more. There’s going to be some other new catalysts that are going to come in to propel Dogecoin.
Something’s going to happen. There are a lot of others who really believe Dogecoin is going to go to a dollar or more with great news coming up later this year.