2018-10-26 18:09 |
Doge has bounced today after being in a downward spiral for the past week. Doge is one of the few coins which is making significant movements today while the rest of the market is stagnating.
The decline it has recently been experiencing seems to be a correction after the sharp spike in price which took place at the start of September. It seemed to all be pointing to further downward movements for Doge yesterday with the momentum being strongly on the side of sellers. RSI was forming lower lows, and the MACD was diverging to the downside, both indicative of strong seller momentum.
RSI is likely now forming a lower high and MACD continues to diverge to the downside despite today’s bounce. This means this bounce is likely going to be short-lived and we may soon see a return to declining prices for Doge. The RSI is just about in oversold territory on the Doge daily, but this is unlikely to factor given the strong seller momentum. Even in the event of a rise, the 200 EMA is likely to act as resistance. The 200 EMA can be seen as the red line in the chart below and acted as support when the price was declining.
Doge Daily Chart – Source: Tradingview.comThe market leader Bitcoin shows are representative of the rest of the market stagnating. The total market capitalization remains relatively unchanged since last Friday where it was at $210 Billion. The market cap is valued at $209 Billion today. Bitcoin is the dominant leader representing 54% of the total market cap.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Doge bounces from a recent downward spiral. Doge looks likely to continue its downward spiral with momentum remaining strongly on the side of sellers. In the event of a rise, 200 EMA likely to act as resistance. Rest of the market is stagnating and trading sideways on low volume. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Dogecoin [Doge] Bounces After Steep Decline was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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