Dogecoin Technical Analysis: Price Meets Resistance at Former Range Low
The cryptocurrency markets underwent a brief recovery yesterday from their bearish start to the week.
Doge rose to meet resistance at the point of its former range low.
Doge traded in a range from $0.002 to $0.0023 for a period of two weeks until it broke below at the start of this week as bearish conditions hit the market.
Price met resistance at $0.002 yesterday as the price rose.
Price has since returned on a downward trajectory.
The next level to monitor for doge is the 2019 low at $0.00185.
The 6-hour chart shows in closer detail how price has behaved with the levels.
Price has been forming a far more bearish pattern since dropping below $0.002.
Yesterdays failure to overcome resistance at $0.002 marked a lower high, and it is likely that price will continue to new 2019 lows on the next significant drop.
- Doge met resistance at its former range low during yesterdays brief market recovery.
- The failure to overcome resistance has resulted in a bearish market structure with a lower high formed.
- The next key level to monitor is the 2019 low at $0.00185. It is highly possible that the price could drop to this point during the next drop.
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Dogecoin Technical Analysis: Price Meets Resistance at Former Range Low was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.