2019-1-25 17:19 |
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 ChartThe 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.Dogecoin Price Analysis: Market Consolidates as DOGE Stays in Range was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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