It seems like the bullish run of May is finally coming to an end, as many digital asset investors were predicting in the past. In fact, it’s come later than expected, leading to many being classified as evil hecklers. As we all see now, these people, although usually bullish was actually speaking the truth.
DOGE, alongside coins like Bitcoin, had a very healthy bullish run over the course of three weeks and managed to gain quite a lot in market cap. However, much like any other bullish run, the coin needs to correct itself. Not only the coin, but the whole market is currently in the correction phase.
It all started when Bitcoin first hit under $8,000 this morning and is still struggling with the newly formed resistance level, although nobody is expecting it to break that price point by the end of today or at least this week.
DOGE managed to display amazing resilience to Bitcoin’s authority overall, as it was in an upwards trend when most of the market was going down, highlighting the fact that the coin can also act independently.
This doesn’t mean that Dogecoin didn’t have some support. Much like Justin Sun tends to pump the price of TRX with his bullish tweets, so does Elon Musk with his own twitter, and he is much more popular than Sun.
In recent days, Musk became much more vocal about the coin, now shifting his attention to the community itself and recommending to pay attention to Dogecoin.
As a result, the daily traded volume started going up, slowly driving the price with it. It was this small bullish sentiment that supported DOGE to resist the Bitcoin bear.
Overall, the performance of our favourite Shiba Inu is going quite smoothly, but there are no bullish predictions to have for the upcoming days, but there is some for the end of the year.
Although DOGE may not break the $1 mark in 2019, it will surely do so in 2020. But for the short term, it’s best to wait until the market recovers.