In the first week of July the stock price of Lifelogger Technologies Corp (OTCMKTS:LOGG) traded close to $0.29 per share and later surged to make a high of $0.562 per share on July 16, 2015. During this period, the stock didn’t record a single trading session in the red. It was an impressive performance, considering the fact that it was not backed by absolutely anything. However, the stock has finally showed signs of retracement as it opened the week in red and yesterday declined over 1% to close the day at $0.460.
Although Lifelogger recorded impressive performance on the charts, it failed to make any substantial progress in terms of its corporate plans. It is true that the company is developing cloud-based software and a wearable camera, but it is also true that the company has not provided any updates on launch of these products. Lifelogger is a company active in the booming industry of wearable cameras market. So, it is natural for the company to face severe competition once it launches its products. So, any kind of over-optimism and high expectations can prove fatal to investors.
There are many products already selling in market from different companies while Lifelogger is still struggling to finish and launch one of its planned products. The launch deadlines have been delayed considerably from the initial plans announced by the company. Also, the corporate presentation given in May reflects that the products are not coming any time soon. There is no concrete launch date for its wearable camera while the software product is projected to start with open beta testing process in 3Q2015. Apart from this, the company had to arrange for the funds to support commercialization of its products.
The final end of day return of Lifelogger Technologies Corp (OTCMKTS:LOGG) came at a modest loss of 1.08%, which might have projected the idea of a sedate day but the intraday price action was volatile enough. The final close of the day at $0.46 was almost the same with the opening price of $0.4650, creating a Doji in the process, but the intraday range was 13% from the day low. Still, the daily candle of Doji suggests indecision on the part of the market participants and increases the probability of the price moving sideways in the band of $0.40-$0.60 in the immediate future.