Doge Daily Chart

The market has been consolidating over the past few days with many of the top cryptocurrencies forming Doji candles on their daily charts.

A Doji candle is a candle where the open and the close are around the same time and reflects uncertainty from the side of traders.

Doge is a unique cryptocurrency which tends to move independently from the rest of the market.

Dogecoin has been trading in a range from $0.002 to $0.0023 for over two weeks.

Doge also traded within this range for three weeks in late November and December.

Dogecoin exited the range with a massive spike in price the last time, and it is a strong possibility that Doge could exit the range with a significant move this time also.

This tends to be the case when price consolidates for a prolonged period.

Doge 4-Hour Chart

The price of Dogecoin has moved towards the lower end of the range, increasing the likelihood that a break out will be to the downside.

Price has already tested the lower end of the range a number of times.

Any movements outside of the range have moved quickly back inside showing that traders are not yet willing to accept prices outside of the $0.002 to $0.0023 range.

Key Takeaways:

  • Market consolidates with top cryptocurrencies forming Doji candles on their daily charts.
  • Doge has been trading in an important range from $0.002 to $0.0023 which is also traded in for three weeks from late November to December.
  • The last time Doge traded in this range it broke out with a huge spike in price.
  • Dogecoin may also break out of the range with a significant move this time given that price has already been trading in the range for two weeks.
  • Doge has been testing the lower end of the range, but any move below has quickly reentered the range.

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