Dogecoin’s Price Decline Halts As Support Approaches

2018-11-16 19:49

While most altcoins tend to follow the market leader Bitcoin, Dogecoin has often moved independently. Dogecoin put a significant price spike in at the end of August and start of September which brought the price from support at $0.0022 to around $0.007, an over 200% increase.

The spike resulted in the price of Doge going on to form higher highs despite RSI forming lower highs. This has been followed by a prolonged decline which has brought it almost all the way back down to the where price initially spiked from. Yesterday’s price action in Doge formed a low of $0.0024. Price has since retraced to around $0.00285 and seems to be setting up to trade sideways from here.

We also had a recent death cross occur in Dogecoin with the 50 EMA crossing the 200 EMA to the downside. This did not have a large impact likely given the prolonged decline that price has undergone since early September.

Momentum is still with the sellers so another downward move to support at $0.0022 could take place. The RSI has been forming a series of lower lows, and lower highs and the MACD has been decreasing, indicative of the strong seller momentum. If the price does drop to $0.0022 from here, strong support will be expected to come in to play as this was a point of significant support during August.

Dogecoin Daily Chart – Source: TradingView.com Key Takeaways: Dogecoin has been on a prolonged decline since a spike in early September and now approaches the point where it spiked from. Momentum is still on the side of sellers in Dogecoin event though the price seems to be setting up to trade sideways. Both the RSI and MACD have been decreasing showing strong seller momentum. A move down to $0.0022 could occur, but strong support is expected to come in to play at this point. Death cross recently occurred in dogecoin with the 50 EMA crossing the 200 EMA to the downside.

Dogecoin’s Price Decline Halts As Support Approaches was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Why Is Dogecoin Price Down Today?

The Dogecoin price is down around 5% in the last day following the general market crash. The meme coin which had seen improved sentiment did a quick 180 and started to bleed. However, while the Dogecoin price could only be following Bitcoin’s descent, are there other factors driving the decline? Why Is Dogecoin Price Falling? One reason that the Dogecoin price is down today is due to its proximity to Shiba Inu.

2023-8-18 02:00