The meme coin market has been moving quite slowly throughout the past couple of weeks. Several assets including the OG meme cryptocurrency Dogecoin (DOGE) have been on a downtrend. Despite this bearish sentiment, the DOGE community was rather optimistic. This was highlighted by the percentage of long positions on a prominent cryptocurrency exchange. But the real question is if DOGE can reclaim its major milestone of $0.50 in the next couple of days.
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How Is Dogecoin Trading At The Moment?
The cryptocurrency market has been volatile due to external factors. Dogecoin was also seen sinking in volatile waves. While most assets recorded a stable week, DOGE was dropping by 4% during the past seven days. The past month has also been challenging for DOGE as it slipped by 12.63%. This trend persisted as the meme coin dipped by 1.21% during the last 24 hours. At the time of writing, DOGE was trading at $0.1534.
Amidst this storm, analyst Ali Martinez highlighted a prominent bullish factor. The expert revealed that 72.12% of traders on Binance with DOGE positions were long. This is generally considered to be positive for the DOGE market. This notes the market’s sentiment and could even translate into its price growth in the near future.
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Will $0.50 Come Sooner Than Expected?
It looks like Dogecoin will take some time to achieve this milestone. According to data from CoinCodex, the chances of DOGE reclaiming $0.50 in the month of April were bleak. The firm noted that the highest level that the meme coin might trade at this month is $0.243. The average trading price for DOGE was set at $0.177. While this is certainly a notable rise from its current price level, the community is hoping to see DOGE rise further up.
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