Dogecoin managed to consolidate quite a lot because of the Binance listing, but all of the gains that the coin saw within that small time frame has all but disappeared.
The highest it managed to spike to was $0.0045 around three days ago, but now the price has corrected back to $0.0034 at press time.
Now though, the price has tanked even further due to the recent market fall. Almost no altcoin managed to survive the fall and the only crypto that’s relatively stable right now is Bitcoin, but it will also probably stumble even further down.
Due to the fall and already existing bearish sentiment in the market, it’s unlikely that Dogecoin can consolidate on a serious level.
Furthermore, much like the case with VET, Dogecoin’s consolidation has fallen for the “de-hype” phenomenon that every major spike is a victim of.
In the future, DOGE would be lucky to remain its position on the $0.0030 crucial resistance level as it doesn’s have enough backing to maintain its relevance.
Much like every other altcoin, the sentiment for DOGE is bearish for the short term, but there is also a very small room for growth in the long term as well.