Dominovas Energy Corp. (OTCMKTS:DNRG) Crashes Horribly
Dominovas Energy Corp. (OTCMKTS:DNRG) recently experienced an impressive surge that took it all the way from $0.072 to $0.212, but that all turned sour yesterday, and it looks like it will not fare any better in today’s session, either.
Some investors have solace in the fact that even after yesterday’s horrifying 20.45% crash, the ticker is still about 100% up from where it was six days ago, when the surge began. Today’s crushing start hints at a momentum that will probably change that state of developments before long. But even if it doesn’t, the fact remains that this is one of the heaviest volumes that DNRG has seen this month – and this time, the ticker didn’t soar on the wings of hype and heavy trading.
One possible reason for the crash is the fact that DNRG was getting severely overbought. Although the news surrounding it may be good as of late, the fact of the matter is that DNRG hasn’t really achieved anything substantial to date.
As such, the market cap of more than 16 million, which DNRG had reached at the peak of its ascent, was more than a bit ridiculous – which is why it isn’t all that surprising to see the company’s price per share drop dramatically.
Maybe the hype ran out, or traders decided to try and take some profits – after all, at its peak, one share of DNRG stock was worth almost three times what it cost five sessions before the ticker’s climb started. Or maybe convertible note-holders decided to capitalize on their toxic agreements with DNRG. Maybe a paid pump targeting DNRG finally went bad – this crash certainly has that feel to it.
At this point, there is no way to tell exactly what pulled the ticker into the stumble, whether the crash will continue and how low will it take DNRG.
In fact, the only thing that is certain is that DNRG will remain volatile and unpredictable in the foreseeable future, which is why investors wishing to make money out of it would do well to be careful.