News Dogecoin Price Momentum Hints at Potential Bull Run

Dogecoin Price Momentum Hints at Potential Bull Run

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As is usually the case in the cryptocurrency world, plenty of people are waiting for a healthy price increase. It remains to be seen if and when such a trend will materialize, as weekends are never indicative of future price momentum for any market. As far as the Dogecoin price is concerned, it would appear some minor positive momentum has been brewing all day long.

Dogecoin Price Prepares for a Run

It is always intriguing to see how weekend trading affects individual cryptocurrency and digital asset markets. This weekend is rather uneventful in this regard, as there are some markets with minor losses and others with very small gains. Maintaining a sense of status quo is not what traders and speculators want to see at this time. Unfortunately for them, there is nothing on the horizon which warrants a different sentiment.

Over the past 24 hours, the Dogecoin price has risen by 0.7% to $0.002154. In the DOGE/BTC segment, there is another uptrend forming, although the gain is limited to just 0.4%. It seems to be a matter of time until Dogecoin reclaims the 60 Satoshi level, although there is still a fair bit of resistance to chew through first and foremost.

What is rather interesting is how traders seem convinced there may be a Dogecoin price bull run in the very near future. That in itself would be very interesting to see, as Dogecoin has successfully bucked the overall industry trend on more than one occasion. According to ForecastCity, the USD value of Dogecoin can easily hit $0.0075 in the coming weeks, assuming the identified target levels can be conquered without too many issues.

A similar sentiment is echoed by Rah-jer Murtaugh, who is patiently waiting for Dogecoin to “take off”. Although this user doesn’t share any technical information or potential price targets, it seems the overall market sentiment toward Dogecoin is turning rather bullish over the past few days. That in itself may validate the price analysis above, although everything is always subject to change in this industry.

For those who cannot wait to see Dogecoin turn either bearish or bullish, a triangular arbitrage opportunity involving DOGE has presented itself earlier today. More specifically, users can rely on DOGE as an intermediary tool to pocket a 13% triangular arbitrage profit. Exploring this option will require some patience and involvement with other currencies, but it can pay off in the long run.

When taking all of this information into account, it seems there is a chance the Dogecoin price might show some bullish signs over the coming weeks. Whether or not that will result in any major gains, is a different matter altogether. The value per DOGE could surpass 60 Satoshi without too many problems, but in terms of USD value, surpassing $0.0025 may prove to be challenging.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com



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