Dogecoin (DOGE) had appeared poised to continue its losing streak, until one week ago when it pulled off a sudden reversal.
DOGE had continued its decline all the way down to 55 satoshi, its lowest level since mid-September. At that time, DOGE fell from above 90 to the same mark, reaching a critical point and then reversing sharply on its way to rallying to 117.
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The pattern this time around was eerily similar. Declining by over 50% to 55, DOGE reversed to over 70 and has held above this mark continuously- even as the broader market continues to struggle. Both Bitcoin and Litecoin are revisiting multi-week lows, even within striking distance of 2014 milestones. DOGE’s resilience is a possible indication of a resumption of gains should the broader market bounce back.
DOGE has also successfully recovered from some poor performance during a critical juncture when trading in the 70’s two weeks ago. Despite slipping below its 200-day moving average (MA), now worth 63 satoshi, and despite breaking through the 70 satoshi support level, DOGE mounted its comeback. It also avoided slipping back behind NXT in market cap, and is now over 10% ahead.
Volume has been below average, as has been the case for both Bitcoin and most altcoins of late. A pickup in 24h volume to above $500,000 at current or higher prices would make a stronger case for Dogecoin in the mid-term, indicating that traders are indeed committed to current levels.