2018-11-15 17:13 |
Dogecoin price spiked over 200% back in August from support near $0.0022 to a high near $0.007. The price move came at a point where there were mixed performances from other cryptocurrencies. A bearish divergence between price and RSI which took place after the spike catalyzed a decline which is still taking place.
Price now trades around $0.26, after retracing almost all of its upward movement from the spike. Doge met support at a few points along the decline such as the 200 EMA but ultimately has continued depreciating. Strong support would be expected to come in to play around $0.002 to $0.0022. We are also seeing a death cross taking place on the daily with the 50 EMA crossing the 200 EMA to the downside, a bearish signal.
Doge Daily Chart – Source: Tradingview.comThe bearish movements we see across the cryptocurrency market make the continued decline of Dogecoin even more likely. The market leader Bitcoin formed 2018 lows yesterday after breaking below the important $6000 point and sharply declining from there.
With Bitcoin representing 53% of the entire cryptocurrency market cap, it’s movements have a significant impact on those of altcoins. Bitcoin’s current action is extremely bearish as it depreciates on significant volume. The daily RSI for Bitcoin has never been as low as it is now, showing strong seller momentum.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Doge spiked over 200% in August but has been on a prolonged decline since Doge is reapproaching support at $0.0022 where it was priced before the spike With Bitcoin representing 53% of the market cap, its movements will have a significant impact on those of altcoins. Bitcoin is setting up extremely bearish after the past two days price action 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 Declines to Near Pre-spike Support Levels was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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