2018-10-30 18:14 |
Dogecoin has been declining since its spike in early September. A recent bounce which took place late last week was followed up by Doge continuing its decline. But the decline continuation was stopped short, and today Doge is back to rising. This prices in a higher low in both price action and RSI. If Doge can now price in a higher high, this would be a very bullish sign for near-term price action.
The daily MACD is also beginning to converge again and close to crossing over its signal line to the downside. This would be another bullish signal and might bring some respite from the declines in price which have been occurring since early September.
The price declines in Doge were catalyzed by a bearish divergence which took place between price and RSI. This took place when price formed a higher high despite RSI forming a lower high. Any traders who took a short position at this point would have capitalized on the following drop.
Doge Daily Chart – Source: Tradingview.comAlthough price action has been mostly been moving downward in Doge, it has been one of the only coins that have not been consolidating along with the market leader Bitcoin for the past two weeks. Most altcoins have been following the market leader with Bitcoin representing over 54% of the total cryptocurrency market cap.
Doge appears to be an altcoin which plays by its own rules and the future direction of Bitcoin will likely not have as much of an impact on its price compared to the impact Bitcoins movements will have on other altcoins. It is still important to monitor the market leader to assess the overall health of the cryptocurrency market, and with Bitcoin approaching the end of a triangle pattern which has been forming since March, a significant move could be close.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Doges decline may be coming to an end with a higher low being priced in today. Doge has been declining since a bearish divergence formed between price and RSI in early September. Doge has not been following Bitcoins movements as closely as other altcoins, but it is still important to monitor the market leader as it represents over 54% of the total market cap. 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.Is the Decline Over for Dogecoin [Doge]? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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