Stagnation or Correction? Either Way, Dogecoin Establishes Support At $45M

Dogecoin (DOGE) has been on a tear thus far in 2014. At its peak around mid-February, it had gained over 700% year-to-date and even surpassed Peercoin for third place in market cap amongst mineable Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. At the time, its total valuation exceeded $90 million.

Since then, its value has oscillated about the $60 million level- a 33% drop from its peak in February. It has still retained the bulk of its gains though. The question dogecoin holders will be asking is: is the dogeparty over or are we experiencing a brief correction, especially when considering the troubles that have rocked the broader crypto markets in the past month?

One encouraging sign for DOGE holders is its forming of a robust support level around the $45 million mark. It initially tested this level soon after its multifold rally in January. Since then, it has tested it multiple times, both prior to and following its record-breaking highs in mid-February.

Most encouraging is its badly throughout the MtGox crisis and have since failed to make a complete recovery. While DOGE has shared a similar weakness of late, we note that its losses merely represent a partial giveback of monumental gains. In contrast, Litecoin, for example, is still down 50% from its old support level of $23.

As such, holders should be keep an eye both in its Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term-denominated and dollar denominated prices, as it's once again trading close to its support level. Any meaningful breach can entail a severe bout of profit taking and a fall back below $40 million.

DOGE is currently trading around 135 satoshi (0.084¢).