While the majority of the cryptocurrency market was reporting mixed performances in early September, Dogecoin spiked over 200% bringing it from support at $0.0022 to near $0.007. The spike was followed by a bearish divergence between price and RSI which preceded a prolonged decline we have been seeing since.

The decline had brought price action back to the support level which the spike started at. Price action has almost touched $0.0022 today and momentum is largely on the side of sellers. RSI has been forming lower lows, and lower highs for all of November and the MACD continues to diverge to the downside. Support is expected to come in to play at this point, but with bearish movements occurring across the market, there is the possibility that price could drop below.

The market outlook from here is setting up extremely bearish. Although Dogecoin can sometimes move independently, most altcoins can be expected to follow the market leader Bitcoin.

Bitcoin is trading close to the key $5000 level. A move below this point could result in another sharp decline. Although support is expected to come in to play for Doge around $0.0022, traders in Doge should also monitor Bitcoin and the key $5000 level. Bitcoin is currently trading around $5025.

Dogecoin [Doge] Continues Decline as it Returns to Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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