The meme coin markets have been quite slow over the past few weeks. Several assets, including Dogecoin the OG meme currency have seen a downward trend. DOGE’s community was optimistic, despite the bearish mood. A prominent cryptocurrency exchange showed a high percentage of positions held long. The real question, however, is whether DOGE will be able to reclaim the major $0.50 milestone in the coming days.
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What is the current state of Dogecoin trading?
External factors have caused the cryptocurrency market to be volatile. Dogecoin also sank in waves of volatility. DOGE dropped by 4% in the last seven days, while most assets had a steady week. DOGE has had a difficult month as well, with a drop of 12.63%. The meme coin continued to decline by 1.21% in the past 24 hours. DOGE traded at $0.1534 when this article was written.
Analyst Ali Martinez has highlighted an important bullish factor in the midst of this storm. The expert reported that 72.12% (or traders) on Binance who held DOGE were in the long. The DOGE market is often viewed as positive by this. The market sentiment is reflected in this chart, and it could lead to a price increase for DOGE.
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Will $0.50 Come Sooner Than Expected?
Dogecoin may take some time before it reaches this milestone. CoinCodex data suggests that DOGE’s chances to reclaim $0.50 for the month April are low. According to the firm, the maximum price at which the meme coin could trade in April is $0.243. DOGE traded at an average price of $0.177. The community hopes that DOGE will continue to rise.
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Source: watcher.guru
