Stagnation or Correction? Either Way, Dogecoin Establishes Support At $45M

Dogecoin (DOGE) has been on a tear thus far in 2014. At its peak around mid-February, it had gained over

Dogecoin (DOGE) has been on a tear thus far in 2014. At its peak around mid-February, it had gained over 700% year-to-date and even surpassed Peercoin for third place in market cap amongst mineable cryptocurrencies. At the time, its total valuation exceeded $90 million.

Since then, its value has oscillated about the $60 million level- a 33% drop from its peak in February. It has still retained the bulk of its gains though. The question dogecoin holders will be asking is: is the dogeparty over or are we experiencing a brief correction, especially when considering the troubles that have rocked the broader crypto markets in the past month?

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

One encouraging sign for DOGE holders is its forming of a robust support level around the $45 million mark. It initially tested this level soon after its multifold rally in January. Since then, it has tested it multiple times, both prior to and following its record-breaking highs in mid-February.

Suggested articles

Kohle Capital Strengthening Retail OfferingGo to article >>

Dogecoin Market Cap, 3 months
Dogecoin Market Cap, 3 months. Source:

Most encouraging is its resilience as the majority of altcoins faltered badly throughout the MtGox crisis and have since failed to make a complete recovery. While DOGE has shared a similar weakness of late, we note that its losses merely represent a partial giveback of monumental gains. In contrast, Litecoin, for example, is still down 50% from its old support level of $23.

As such, holders should be keep an eye both in its bitcoin-denominated and dollar denominated prices, as it’s once again trading close to its support level. Any meaningful breach can entail a severe bout of profit taking and a fall back below $40 million.

DOGE is currently trading around 135 satoshi (0.084¢).

Got a news tip? Let Us Know