While most altcoins tend to follow the market leader Bitcoin, Dogecoin has often moved independently. Dogecoin put a significant price spike in at the end of August and start of September which brought the price from support at $0.0022 to around $0.007, an over 200% increase.

The spike resulted in the price of Doge going on to form higher highs despite RSI forming lower highs. This has been followed by a prolonged decline which has brought it almost all the way back down to the where price initially spiked from. Yesterday’s price action in Doge formed a low of $0.0024. Price has since retraced to around $0.00285 and seems to be setting up to trade sideways from here.

We also had a recent death cross occur in Dogecoin with the 50 EMA crossing the 200 EMA to the downside. This did not have a large impact likely given the prolonged decline that price has undergone since early September.

Momentum is still with the sellers so another downward move to support at $0.0022 could take place. The RSI has been forming a series of lower lows, and lower highs and the MACD has been decreasing, indicative of the strong seller momentum. If the price does drop to $0.0022 from here, strong support will be expected to come in to play as this was a point of significant support during August.

Dogecoin’s Price Decline Halts As Support Approaches was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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