Dogecoin holds onto gains, showing stable uptrend

One would have thought that after such an impressive streak of gains, Dogecoin (DOGE) was due to come back down

One would have thought that after such an impressive streak of gains, Dogecoin (DOGE) was due to come back down to earth. Such was DOGE’s journey in February after rocketing to 300 satoshi: it surrendered 30% within two weeks, 60% within a month and over 90% in 6 months. Such behavior is not uncommon for many alts in and around their peaks of excitement.

This time around though, DOGE is holding strong. Granted, it experienced an initial pullback of 30% following its peak of 92 satoshi. But instead of a major correction, or even the continuation of this (relatively) minor one, it has calmly climbed back to 75 satoshi ($0.0003). Trade has been fairly stable, with steady gains averaging 4-5% daily.

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DOGE-BTC, Sept 23

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Such was a good part of DOGE’s ascent this time around. Unlike the gravity-defying gains in February, most of the climb up to 92 was a gradual one, punctuated by accelerated buying toward the peak.

Like the February rally, however, DOGE continues the defy the double digit losses gripping other major currencies, most notably Bitcoin and Litecoin.

Should the stable price activity continue for several more weeks, the probability of another sharp pullback becomes that much lower- although a gradual one shouldn’t be ruled out. It may also serve as a new floor for further moves to the upside.

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