To a large extent, Dogecoin (DOGE) has held its ground throughout the latest slump in crypto markets. In BTC terms, it held tight near 60 satoshi during a severe downturn in the crypto markets. Several hours ago, it spiked to 70 satoshi ($0.000154)- a 7-week high- as markets have recovered somewhat.
It is true that in dollar terms, its value has fallen due to the weaker bitcoin price. But several altcoins, most notably Litecoin, have found themselves amplifying BTC’s losses, trading lower even in bitcoin terms.
A handful of other alts also showed stable behavior during the earlier stages of the market downturn. But several did not. The future prospects of many altcoins may very well be hinted to from their ability to withstand the harshest of market downturns. It is during these times that the staunchest of supporters abandon ship.
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DOGE last showed similar resilience during its peak nearly one year ago, when most of the market reeled from the impending MtGox collapse.
Combined with yesterday’s rise, today’s spike has sent DOGE back well above its 50-day moving average (MA), which is currently flat near 60 satoshi. DOGE has now spent close to 48 hours above this measure, its longest stretch since late November.
The recent mini-winning streak, however, should not be interpreted as any large scale rally until previous resistance of 75 satoshi is broken and a dollar-based stabilization process develops.