Dogecoin price analysis 16 May 2019; bullish trend keeping strong

Nobody could ever imagine that a coin based off a meme, would be this successful in the future. Everybody was considering it as a joke, they were even trading it as a joke.

But very few knew that those trades made as jokes would benefit them more than they could ever imagine. The biggest success that Dogecoin saw, much like any other cryptocurrency was in the last months of 2017, after which it plummeted back down again, but is still continuing to join bullish trends here and there.

DOGE 16 May 2019 chart

DOGE chart by TradeView

Overall, this month has been amazing for DOGE as it moved above the $0.0036 mark. Unfortunately, however, much like in 2017, the bullish market was stopped in its tracks this morning and DOGE was one of the victims. It is currently down significantly compared to yesterday’s evening and is trading at $0.0031 a piece.

Despite this massive fall, the bullish sentiment is still active as it seems the coin has formed a new one. However, I wouldn’t bet it increasing anywhere near the $0.0035 price point before the month’s end. It is most likely that DOGE and coins alike it will only float between their current prices and the prices they had yesterday evening, at the peak of the bull.

However, investing in DOGE right now is probably a good idea as it will most likely not start scraping the barrel. It still has some potential by the end of the year to finally reach the $0.01 mark. And seeing how the 2020 prices keep getting better and better, it might do so without any issues.