2018-11-1 19:39 |
Dogecoin has been depreciating since a bearish divergence between price and RSI took place in early September. Both price and RSI are now setting up to form a higher low. There would need to be a rise from here to confirm it is a higher low but since yesterdays drop came to a halt, there is an increased likelihood that this is a higher low.
The MACD also is beginning to trade flat after diverging to the downside with the strong seller momentum which has been taking place since early September. If the MACD begins to converge to the upside, it will likely cross over its signal line to the upside which is a bullish signal. With the strong seller momentum since early September, it is far from confirmed whether the price drop is over yet, but signs are starting to look more bullish.
Doge Daily Chart – Source: Tradingview.comIn early September price spiked from support at $0.002 to a high of $0.007 in a short space of time. This proved to quick an increase for price action to sustain. Another sharp increase of this magnitude would likely result in the same prolonged decrease as we have seen this time. A continued fall from these levels would likely meet strong support near $0.002. A steady increase in the form of a series of higher highs and higher lows would be the most healthy scenario for the price action of Dogecoin right now.
Key Takeaways: Signs are starting to look more bullish for Doge as a higher low appears to be forming in price action and RSI. Higher low is not confirmed until price action increases from here A sharp increase of the same magnitude as the one early September would likely result in another prolonged depreciation. A sharp drop would likely meet strong support near $0.002. 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.Daily Dogecoin [Doge] Analysis, Higher Low Forming? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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