2019-1-2 19:04 |
Dogecoin / USD Daily Chart: Doge Daily Chart – Source: Tradingview.com
Dogecoin continues to be one of the few cryptocurrencies which move independently from the market.
While the overall market has been recording bullish movements recently, Doge has declined to a previous resistance level.
Prior to a spike on the 17th of December which took place across the cryptocurrency market, Doge traded in a range from $0.002 to $0.0023 for the space of around three weeks.
Dogecoin met significant support at $0.002 while trading in the range and significant resistance at $0.0023 while trading in the range.
The recent decline has brought price action back to test $0.0023 which is now acting as a support level.
This is taking place while the rest of the market is recording significant price increases.
The underperformance of Doge has resulted in it dropping out of the top 20 cryptocurrencies by market cap. It is currently ranked 23rd.
Dogecoin / USD Weekly Chart: Dogecoin Weekly Chart – Source: Tradingview.comThe weekly candle for Doge is currently forming a Doji candle. A Doji candle is where the open is around the same point as the close and reflects uncertainty from traders.
Traders are likely uncertain of whether price should drop back within the trading range between $0.002 and $0.0023.
If overall market conditions turn to bearish, it is highly likely that price will return to this range.
If conditions remain bullish, price action stands a much better chance at remaining above the $0.0023 support and rising from this point.
Key Takeaways: Doge has been moving independently from the market and has dropped to support at $0.0023 despite the rest of the market recording significant increases in price. Prior to a spike in mid-December, the price of Doge traded in a range from $0.002 to $0.0023 for around three weeks. If market conditions turn bearish from here, there is an increased likelihood that price will reenter the trading range between $0.002 and $0.0023. Doji is forming on the weekly chart which may be reflecting traders uncertainty about whether price should move back within the trading range or rise from this point. Latest Dogecoin News:Dogecoin [DOGE]: Price Is Moving in a Short-Term Downward Channel
Dogecoin [DOGE]: Price Hit Support for the Third Time, What Now? 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] Declines and Finds Support at Prior Resistance was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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