Dogecoin [Doge] Trades At Key Level After Market Recovery

2018-11-29 18:09

The $0.0022 had long been an important point of support for Dogecoin. It was the point which Doge spiked over 200% from in early September. This spike was proceeded by a prolonged decline which brought price action back to this level and subsequently below.

The bearish market conditions taking place over the past two weeks resulted in Doge dropping below the $0.0022 support. The recovery which took place across the market yesterday brought Dogecoin back above $0.0022 to an intraday high around $0.00245. Price since retraced back below and currently trades around $0.0022. This seems to be a case of support turning to resistance with Dogecoin failing to close above the key level.

If Doge fails to overcome $0.0022 over the market recovery, an important support point to monitor is $0.002 which Dogecoin has also failed to close below during the declines.

Doge Daily Chart – Source: TradingView.com

A continuation in the recovery will increase the likelihood of Doge raising back above the key level. However, performances are mixed today with some altcoins recording losses. The market leader bitcoin has managed to rise back above the important $4000 point but has started to retrace from highs around $4400.

Bitcoin currently trades around $4270 and has an important impact on the rest of the cryptocurrency market as it represents 54% of the entire market cap. Traders in Doge should also monitor the movements of Bitcoin as it has a significant impact on the movements of the rest of the market.

Bitcoin Daily Chart – Source: TradingView.com Key Takeaways: Doge rises above the key $0.0022 level but fails to close above. It has since retraced back below. If price fails to rise above $0.0022 during this market recovery, $0.002 is the key support level to monitor. Price has already dropped below this point but has failed to close below. Doge traders should also monitor market leader Bitcoin as it represents 54% of the entire cryptocurrency market cap. Bitcoin has managed to rise back above the important $4000 point.

Dogecoin [Doge] Trades At Key Level After Market Recovery was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

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