2018-10-31 19:44 |
The price action of the cryptocurrency with the Shiba Inu dog mascot looked as if it was pricing in a higher low yesterday. Today, Doge continues its decline underperforming the market leader Bitcoin as it looks set to form a lower low. Doges MACD continues to diverge to the downside showing momentum currently being on the side of the sellers.
The current downtrend that Doge is on was sparked by a bearish divergence which took place in early September between price action and the RSI. Price went on to form higher highs while RSI formed a lower high. Monitoring of the RSI may be useful in anticipating when this drop is nearing an end. Although the price seems set to form a lower low, RSI could form a higher low creating a bullish divergence. However, seeing this as a definite sign of a reversal would be incorrect as the momentum is currently strongly on the side of sellers.
Dogecoin Daily Chart – Source: TradingView.comDoge is one of the few altcoins which has been on its own trajectory recently. With Bitcoins percentage of the cryptocurrency market rising to over 54%, many altcoins have mirroring Bitcoin in their price movements. However, Doge appears to be undergoing a prolonged correction from the price spike in September.
Bitcoin Daily Chart – Source: TradingView.com Key Takeaways: Dogecoin continues the decline which was sparked by a bearish divergence between price and RSI in early September. Price action in Dogecoin looked to be forming a higher low yesterday but today’s decline looks set to form a lower low. Dogecoin is one of the few coins which has been on its own trajectory with much of the rest of the market following market leader Bitcoin.Dogecoin [Doge] Continues Decline Despite Brief Respite Yesterday was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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