Prior to the recent bullish movements seen across the cryptocurrency market, the market had been undergoing an unusually long spell of consolidation and low activity trading. While this was taking place, Dogecoin was one of the coins which were not moving with the market. Doge mostly continued its decline which had started in early September but also had some spikes.
The recent price action for Doge also is not following the movements of the market. The general movements over the past few days have been altcoin outperforming the market leader Bitcoin with some recording double-digit gains. However, Doge has returned to declining.
As last week approached its end, we analyzed how Dogecoin looked as if it was forming a higher low and could be setting up for a return to bullish movements. This has not taken place as the price has started decreasing. The most recent spike for Doge met resistance at the 200 EMA so another spike for Doge would likely meet resistance again at this point. With the majority of altcoins increasing over the past few days and Doge decreasing, it gives a more bearish outlook for Doge from here.
The spike which occurred in early September for the price of Dogecoin saw it increase from strong support at $0.0022 to highs near $0.007. If this decline picks up momentum, Doge could be set to continue to this support level.
- Doge declined over the past few days while many altcoins outperformed.
- The last spike for Doge saw it meet resistance at the 200 EMA.
- While Doge continues on its downward spiral, it could be set to return to key support near $0.0022 where it was prior to its spike in early September.
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