Dogecoin Holders Explore New Bitcoin ICO with Potential for 1,000% Gains
As the Dogecoin price stays complacent following the stir generated by the ongoing German and Mt.Gox Bitcoin sell-offs, investors seem to be shifting their gaze to a new ICO, 99Bitcoins (99B), which is cited to see 1000% gains.
Over the last 24 hours, the Dogecoin price has seen a modest 0.73% gain amid broader market growth, where meme coins averaged a 1.3% increase.
Today’s gains have done little to recover Dogecoin’s 8.25% drop since last Tuesday. While disappointing, DOGE’s price action aligns with the losses of other major cryptocurrencies .
Over the past month, Dogecoin has fallen 24.88%. Despite this, it still retains a modest annual return of 67.05%.
Indeed, with less-than-optimal price action in recent weeks, trader interest in Dogecoin has dipped. The coin’s 24-hour trading volume has fallen by 14.39% to $549.38M over the past day.
Despite investor hesitance, a closer look at the charts may indicate some upside potential.
Most notably, Dogecoin has just broken out of the ascending triangle pattern in a display of bullish momentum after being contained by consolidation over the past week.
Dogecoin’s Relative strength index (RSI) (Purple) supports the realized momentum, which now stands at a firm 60.
While these indicators do look positive, wider trends will provide the best insight into where the Dogecoin price is headed.
Notably, the 20DMA (yellow) has started to trend upward, converging towards the 200DMA (blue), which displays a strong downtrend.
A successful crossover above the 200DMA could represent further upside in the near term, as the asset’s short-term momentum overcomes its long-term downtrend.
If this proves true, Dogecoin may rise to the $0.12050 resistance level, reclaiming the support
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