Altcoins News

Dogecoin makes a sudden comeback after a steep decline

During today’s morning trading hours, Dogecoin made a sudden comeback after being in a downward spiral for the past week. Doge is one of the few digital currencies which is making significant movements today while the rest of the market is stagnating. This surge follows the announcement that DOGE will be added to SALT.

Doge makes a sudden comeback

Despite the bears in the current crypto market, Dogecoin has made a run today with a 12% pump. The coin’s price spiked a couple of hours ago and is now at $0.0042. Dogecoin had previously experienced sharp declines, and it seems the coin’s price may not recover fully from the bears.

Moreover, looking at the daily chart, the RSI is forming a lower high, meaning that the bounce is likely to be short-lived and we may soon see a return to bears for the coin’s price. The RSI is in oversold territory, but this is not likely to factor in given the strong seller momentum. Even in the event of a surge, the 200 SMA may act as a resistance point, blocking further gains.

News and developments

SALT—a popular crypto-loan provider announced that it will be adding Dogecoin under the digital coins which are accepted as collateral for fiat loans. Despite not ranking high on the list, the coin has high liquidity. Additionally, its daily trading volume exceeds $11 million, which is proof enough of popularity.

Dogecoin community has helped its members that got in trouble or were hacked and has also been involved in interesting charity cases. For instance, they recently raised $50,000 to build a well in the Tana River basin in Kenya. Such developments have seen the platform become adopted in several industries around the world, and we can only say that the future is bright for Dogecoin.

Do you believe Dogecoin buyers will manage to sustain the current gains?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

Leave a Comment

Your email address will not be published. Required fields are marked *