Last week, Bitcoin priced in a bearish engulfing on its weekly candle which was representative of an extremely bearish week. The outlook for the market as a whole is very bearish with many analysts anticipating Bitcoin to return to its lows of 2018. The week prior to last weeks bearish movements showed large appreciations across the cryptocurrency market including many altcoins. This was a week where Dogecoin recorded a 250% gain over the course of a few days.
The price has since seen some mean reversion but is holding its value well considering the steep declines we have seen across the market. The priced formed a higher low last week amid the bloodbath and is now back recording strong gains with an approximately 10% increase over the past 24 hours. The price is currently forming a golden cross with the 50EMA crossing the 200EMA to the upside.
The hourly chart confirms the bullish movements for Dogecoin. Both price and RSI have been forming higher highs and higher lows. The hourly moving averages are also acting as dynamic support with price action maintaining above the 50EMA.
These upward movements in Doge amid a crash across the rest of the market could represent an increased trust in old cryptocurrency projects. Doge was initially created as a joke but found a use case as a tipping coin among those in the cryptocurrency community.
- Doge makes bullish movements while the rest of the market continues downward spiral.
- Golden cross occurred on the daily.
- Hourly 50EMA acting as support.
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