After a bearish end to last weeks trading, the market has begun spiking over the past hour.
Many major cryptocurrencies are rising to key levels and finding resistance.
Doge declined from a descending triangle pattern yesterday to reenter what has been an important range for the meme-based cryptocurrency.
Doge had traded in the range of $0.002 to $0.0023 for three weeks prior to forming the descending triangle pattern.
$0.0023 has also acted a significant level of support in the past as well and preceded an over 200% price spike in early September.
Dogecoin has a tendency to move more independently than other cryptocurrencies.
While many cryptocurrencies are closely correlated to the performance of Bitcoin, Dogecoin can continue to move in its own direction despite the movements of Bitcoin.
The last time that Doge entered this range, the rest of the market was crashing.
Doge continued in the range despite downward movements across the market.
There is a strong possibility that doge may continue in this range for a significant amount of time even if other major cryptocurrencies are surpassing key levels or undergoing bearish declines.
Price currently trades close to the center of the range around $0.00215 at the time of writing.
- Doge declined from a descending triangle last week and re-entered an important range.
- The $0.002 to $0.0023 price range has been important for previous price action in doge and price traded within this range for three weeks prior to doge forming the descending triangle.
- Price of doge tends to move independently from the rest of the market, and there is a strong possibility that doge will continue to move within this range even if significant moves happen in other major cryptocurrencies.
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