Dogecoin Impressive Weekend Recovery Cut Short By A Market Dip - Dogecoin News, Price Analysis. Monday, October 29th
Dogecoin’s Impressive Weekend Recovery Cut Short By A Market Dip
After an impressive performance by Dogecoin over the weekend, the altcoin has suffered a huge blow going into the week. On Friday 26, Dogecoin was hovering around $0.003710 and going into the weekend was looking poised for a price recovery after a drop on Thursday.
By Saturday 27, Dogecoin was soaring and was trading around $0.0038. By the end of the day, the coin had surged to highs of $0.0042. On Sunday 28, prices had settled on $0.0041 and for the first time since October 11, things were looking up for Dogecoin.
The last two weeks, as we reported, have seen Dogecoin dip from its position, dropping from highs of $0.0056 to lows of $0.0037. The dramatic rise and drop have been linked to a pump and dump scheme orchestrated by a few whales.
This weekend had offered a lifeline for Dogecoin and going into this week, Dogecoin would have been a favorite with many traders. The weekend had seen the bulls take back the market and it is unfortunate that the effort has been wasted by a market panic and dumb that has seen the whole market dip.
DOGE/USD Price Chart, Monday October 29th:
At the time of press, Dogecoin is trading around $0.003861 marking a 5.13% drop in the last 24 hours. A market recovery is expected to see the coin make a recovery in the coming days. However, this recent dramatic dip will have an effect on the coin as investors lose confidence seeing how volatile the market remains.
The only positive news to take from the dip is that the bulls have defended the coin well and has avoided falling back to the $0.0037 position
Many experts were optimistic that Dogecoin would be one of the many coins that would be ending the year strong but the recent drop over the last 2 weeks has cast a shadow over this prediction. The next couple of days are vital for the market if it is to end on a high and the bulls will have to dig deep for a high result.
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