Dogecoin [DOGE] Forms Consecutive Dojis as Price Stagnates

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During the bearish market declines, Dogecoin broke below support at $0.00228 and has since traded between this level and $0.002. Price has moved both above $0.00228 and below $0.002 but has failed to close above or below either.

The price movements have begun to stagnate, and Dogecoin is forming its eight consecutive daily Doji today. A Doji is a candle where the price closes around the same point as it opens. A Doji candle typically represents indecision in the market. Traders are likely unsure of which direction Dogecoin is likely to move from here with both $0.0028 being a strong resistance point and $0.002 being a strong support level.

Market conditions have returned to being bearish today with drops occurring in altcoins and in the market leader Bitcoin. Bitcoin represents around 54% of the total cryptocurrency market cap and typically has a significant impact on the rest of the cryptocurrency market. The bearish movements have had little impact on Doge as price continues to trade between $0.0022 and $0.00228.

The bearish market conditions make it slightly more likely that Doge will move below $0.002 instead of moving above $0.0028 going forward but Doge has a tendency to move independently of the rest of the market for periods of time. The outlook for Doge is currently slightly to the bearish side. The key levels to continue to monitor are $0.002 and $0.00228. Doge unlikely to provide many opportunities for traders until it breaks from this range.

Doge Daily Chart – Source: TradingView.com

Key Takeaways:

  • Doge trades in a range between $0.002 and $0.00228 with both being strong levels to overcome.
  • Doge is forming its eighth consecutive Doji showing a great deal of uncertainty from traders of Doges future direction.
  • Doge is unlikely to provide many opportunities for traders until it breaks out of the range it is currently in.

Dogecoin [DOGE] Forms Consecutive Dojis as Price Stagnates was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.