Loading

wait a moment

Dogecoin [DOGE] Trades in a Range Despite Bearish Market Conditions

bitcoin social trading

Dogecoin has been outperforming most major cryptocurrencies. It is the top performer in the top 20 cryptocurrencies by market cap with the exception of the stablecoin USD Tether and the very nascent Bitcoin Cash SV.

Dogecoin has only depreciated 4% over the past 24 hours despite the majority of cryptocurrencies recording double-digit losses. One of the key reasons driving the outperformance of Dogecoin may be the range it has been trading in for the past two weeks. Doge broke below key support at $0.00228. It has had several attempts at breaking back above this point which has now acted as resistance. It also met new support at $0.002.

Although Dogecoin has traded both above, $0.00228 and below $0.002 since entering the range, it has failed to close outside of the range. Price action also formed seven consecutive Dojis while trading within the range showing a huge amount of indecision on the side of traders. A Doji is a candle where the open is around the same point as the close and represents uncertainty from traders.

Dogecoin is currently declining but whether it can drop and stay below $0.002 remains to be seen. A continuation of these market conditions increases the likelihood of this happening, but Doge is also likely to outperform other major cryptocurrencies until it closes below $0.002.

Dogecoin Daily Chart – Source: TradingView.com

Key Takeaways:

  • Doge outperforms top 20 cryptocurrencies with the exception of USD Tether and Bitcoin Cash SV.
  • Doge has been trading in a range between $0.002 and $0.00228 for the past two weeks, and this may be one of the key factors driving the outperformance.
  • Doge is likely to outperform until it drops and closes below $0.002.

Dogecoin [DOGE] Trades in a Range Despite Bearish Market Conditions was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.