The market recorded a brief recovery over the weekend and has returned to declining today. Dogecoin has been impacted very little so far as it continues to trade in a range which it has formed for over two weeks.
After numerous attempts at breaking above $0.00228 while the rest of the market was recording bullish movements, Dogecoin continued to fall back below despite moving outside it in intraday trading on numerous occasions. $0.00228 has represented an important point of trading for Doge for many months of 2018.
It was a strong support level between June to August of this year, and it was the point which Doge traded at before it appreciated over 200% in September. The point acted as support as Dogecoin declined during bearish market conditions but price action eventually broke through.
The support side of the range has been $0.002 which is an important psychological point for traders. Traders are not yet willing to let Doge trade in $0.001 to $0.00199 territory. Although the price has also traded below this point in intraday trading, it failed to close below and rose back above each time.
Doge has formed several Doji candles while trading within the range. A Doji candle is a candle where the open is around the same point as the close and reflects uncertainty from traders. Even if the bearish market conditions persist, there is a strong possibility that Doge will maintain trading inside this range. The outlook for Doge is currently neutral.
- Doge trades in an important range from $0.002 to $0.00228.
- Although the price has broken out of the range numerous times during intraday trading, it has always returned back inside.
- There is a strong possibility that Dogecoin will stay within the range even if the bearish market conditions persist.
|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.|