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Dogecoin Drops Below Range, Is It Still Worth Holding In 2019?

29 january 2019, 22:47 by John Kiguru

Dogecoin Drops Below Range, Is It Still Worth Holding In 2019?

Dogecoin is one of the most formidable coins on the market. It was developed as a joke currency in 2013 but grew to a more than $1 billion valuation coin in its all-time high in early 2018. Despite the rapid growth up until January 2018, the rest of the 11 months of the year, saw the coin wipe out more than 90% of its value.

In 2018, Dogecoin dropped from highs of $0.017 in January to $0.0023 by August. An attempt by the coin to make a recovery in September and October saw it soar as high as $0.0061. However, the positivity was short lived as the coin wiped out those gains in days, hitting a year low of $0.0020.

In the new year, Dogecoin had been able to stay above last year’s all-time low of $0.0020. This has however changed following the market’s recent bloodbath. Dogecoin has now dropped below a key support level and marked a new year low.

At the time of press, Dogecoin is trading a little over $0.0019. The drop sees the coin drop below the $0.0020 and $0.0030 price range, a range it had been able to trade within for the last couple of weeks. The fall now signals a long-time bearish trend. So, is it worth holding in 2019?

Well, there’s little reason to hold for the short term as there is little sign of a catalyst that could trigger a bullish move. However, long term holders can take this opportunity to buy even more and hold the coin for the next couple of weeks. It is almost certain that the wider market will make a turnaround in the next couple of weeks and Dogecoin will ride on the back of this. In addition, the project is highly valued and always going through developments, this is expected to pan out and create hype in the near future.

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