Dogecoin [Doge] Continues Decline as it Returns to Support

2018-11-20 20:44

While the majority of the cryptocurrency market was reporting mixed performances in early September, Dogecoin spiked over 200% bringing it from support at $0.0022 to near $0.007. The spike was followed by a bearish divergence between price and RSI which preceded a prolonged decline we have been seeing since.

The decline had brought price action back to the support level which the spike started at. Price action has almost touched $0.0022 today and momentum is largely on the side of sellers. RSI has been forming lower lows, and lower highs for all of November and the MACD continues to diverge to the downside. Support is expected to come in to play at this point, but with bearish movements occurring across the market, there is the possibility that price could drop below.

Dogecoin Daily Chart – Source: TradingView.com

The market outlook from here is setting up extremely bearish. Although Dogecoin can sometimes move independently, most altcoins can be expected to follow the market leader Bitcoin.

Bitcoin is trading close to the key $5000 level. A move below this point could result in another sharp decline. Although support is expected to come in to play for Doge around $0.0022, traders in Doge should also monitor Bitcoin and the key $5000 level. Bitcoin is currently trading around $5025.

Bitcoin Daily Chart – Source: TradingView.com Key Takeaways: Dogecoin has been declining since September and returns to key support. Support expected to come in to play at $0.0022, but the price could drop below with momentum on the side of sellers. Bitcoin is also trading close to $5000 mark and could have an extremely bearish impact on all altcoins if drops below here.

 

Dogecoin [Doge] Continues Decline as it Returns to Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Dogecoin [Doge] Bounces After Steep Decline

Doge has bounced today after being in a downward spiral for the past week. Doge is one of the few coins which is making significant movements today while the rest of the market is stagnating. The decline it has recently been experiencing seems to be a correction after the sharp spike in price which took […] Dogecoin [Doge] Bounces After Steep Decline was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-10-26 18:09