After several long months of seemingly endless price declines the price of Dogecoin has turned back up with an incredible rise overnight of more than 30%.
After bottoming at 37 Satoshis (around $88 per million Doge) on May 7th and again on May 11th, the price of Dogecoin has rocketed up to 51 Satoshis (approx $123 per million Doge) in less than 12 hours.
More Gains To Come?
While talking with traders of this enduring cryptocurrency and digital alt coin, Cryptolix has yet to determine just what is causing the price to rise so dramatically in such a short time or who is doing the buying.
Cryptolix will have more information and snippets of trader interviews shortly.
“while this price rise is both unexpected and encouraging at the same time, I expect we’ll see a pull back down into the 43 or 44 Satoshi range which should present a better buying opportunity”
“If a solid bottom (at 37 Satoshis) has been put in and this price rise proves itself to be a genuine turn in the trend, we should see ever increasing “higher lows” as the rise continues”
“Not only should this unexpected spike upwards be encouraging for all of the Dogecoin believers, it also bodes well for the the lesser (price) alt coins that trade pretty much exclusively in Doge at this time (at sites like Bleutrade). Coins with growing communities of interest such as HTML5 and Gcoin for instance have not had their chart patterns damaged (much) by this recent rise in Doge and thus by extension have had a hidden price increase themselves.”
“It’s always nice for cryptocurrency traders to see price swings like this in a popular and heavily traded coin such as Dogecoin as it helps to “light a fire” and get the juices flowing again after a long a painful decline where there has been nothing but relentless selling – I don’t know who started all of the buying, but many traders I’ve talked to are either keeping a close eye on the price action, or are already establishing new positions”