2018-12-3 18:04

Since Dogecoin broke below its $0.00228 support level during the bearish market conditions, it has continued to trade in a range between $0.0020 and $0.00228. Price has dropped both above and below the bounds of this range but has failed to close outside of it quickly retracing back inside.

$0.00228 had been a key support level for a long time. This level acted as a key support point from June to August and price traded here before an over 200% spike taking place in early September. It also recently acted as a strong support level when price returned here after a prolonged decline which took place after the spike. When price eventually broke through during the bearish market conditions, the level turned from a strong support level to a key resistance point.

The $0.002 is an important psychological point and price action closing below here would mean traders are more willing to let price trade in $0.001 to $0.00199 range. Price has dropped below $0.002 but has failed to close below here indicating that traders are not yet willing to accept valuations at these low levels.

Doge Daily Chart – Source: Tradingview.com

Whatever way price breaks out of this range is likely to depend on overall market conditions. Bitcoin has been trading at a key level around $4000. However, it reacts to trading at this level over the next few days holds the potential to dictate a lot of this weeks price action.

If Bitcoin can break back above $4000 and begin to progress from here, we will likely see bullish movements from altcoins. If Bitcoin remains below $4000, we may see it start to return to its 2018 lows near $3500 and a return to bearish movements for altcoins. The price of Bitcoin currently trades around $3950.

Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Dogecoin trades in an important range between $0.00228 and $0.002 with both levels holding significance to traders. Whatever way it breaks out of this range is likely to depend on overall market conditions. Market leader Bitcoin trades at a key level around $4000 and however, it develops from here will likely dictate altcoin movements. 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.

Dogecoin [Doge] Continues to Trade in a Range was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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