2018-11-28 13:00 |
The market is experiencing a respite from the extremely bearish conditions which took place over the weekend and at the start of the week. The market leader Bitcoin has recovered from its 2018 low around $3500 formed over the weekend to around $4000 today.
Doge has also been increasing today but has met resistance at $0.0022. $0.0022 has been a significant level for Doge. It acted as a strong support level in June, July, and August of this year and price traded here before a spike in early September which saw Dogecoin increase to almost $0.007.
Price had undergone a prolonged decline since this spike, and the bearish market conditions saw price recently drop below $0.0022. It continued below $0.002 but quickly traded back above with traders unwilling to accept such as low valuation.
Price now seems to be experiencing resistance at the former support level and retraced as it approached the $0.002 point. Dogecoin is currently trading around $0.0021.
Today’s daily candle is forming a Doji in Doge. A Doji is a candle where the open and close are around the same point and shows indecision in the market. Traders are unsure of price trading either above $0.0022 or below $0.002. This is taking place despite the rest of the market experiencing a recovery. Doge has increased around 1% over the past 24 hours whereas Bitcoin has risen around 8%.
Overall, the outlook for Doge is uncertain. There seems to be a slight bias to the upside at the moment due to the rest of the market recovering over the last 24 hours, but it remains questionable whether Doge can rise above the resistance point at $0.0022.
Doge Chart – Source: Tradingview.com Key Takeaways: Doge trades between support at $0.002 and resistance at $0.0022. Price approached $0.0022 but has since retraced. Doge underperforms in market recovery taking place. Doge increased around 1% over the past 24 hours whereas Bitcoin has risen around 8%. Today’s daily candle is forming a Doji showing indecision from traders 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.Support Turned Resistance for Dogecoin [Doge] Amid Market Recovery was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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