Dogecoin price analysis 17 May 2019; price down like everything else

Dogecoin was a participant of one of the weirdest news anyone has ever found on the internet. Recently, Coinbase started featuring DOGE on its platform, and it came to all as a shock when the Doge team said they were not expecting it to happen. Naturally, when the creator of the asset you are holding says they’re not confident enough in the value of their own invention, it affects you and you decide to get rid of it.

Although the Coinbase news was quickly subsided by a tweet from John McAfee (who didn’t tell us who Satoshi Nakamoto is by the way), reinforced his confidence in DOGE as a cryptocurrency.

Although all of this support was more than enough to appreciate the price of DOGE for a small time, it ultimately fell victim to yesterday’s bear-down.

Dogecoin 17 may chart

DOGE chart by TradeView

Dogecoin was enjoying a healthy $0.0036 price point when it was rudely awakened by a bear market. As it tumbled its way down to $0.0027 it was quickly supported by some savvy investors when they saw their opportunity. At the making of this article, DOGE is sitting at $0.0028, but it seems like it won’t budge for the remainder of the week.

Much like every other cryptocurrency which suffered a terrible nightmare last night, DOGE is also experiencing troubling times. Such a drop is a rarity in the crypto world, especially after the one everything suffered in January 2018. Overall, the outlook for DOGE in the short term is not that positive.

The coin will most likely try to climb its way up to $0.0038 once again which will be the new resistance level, but nothing is guaranteed. Due to Bitcoin’s fall within just hours and the shredding of $1000 in its price, it’s unexpected to see many investors budge for a while. The bear market is actually beneficial for those who missed the previous bull, as they’re finally going to get the opportunity to join next time.

Overall, unless Bitcoin moves, it’s best to sit tight for a couple of days and wait until DOGE falls to around $0.0025, that would be a perfect time to enter a position.

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