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Doji Forming for Dogecoin [DOGE] As Bullish Market Conditions Continue

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It has been volatile trading for Dogecoin today. Trading has ranged from $0.0025 to above $0.003 so far.

The daily candle is currently forming a Doji. A Doji candle is where the open and close are around the same point.

This typically shows uncertainty from traders as they are uncertain whether to push the price higher or lower.

The recent market conditions have been significantly bullish.

This weeks performance is the first time the market has continued to record increases since bearish conditions took over in mid-November.

The bullish conditions taking place in the market resulted in Dogecoin breaking above a range it had been trading in for around three weeks.

The range was from $0.002 to $0.0023, and Dogecoin remained in the range even with the rest of the market drastically decreasing over the period Doge was in the range.

Doge Hourly Chart – Source: TradingView.com

The hourly chart would indicate that the surge is losing its steam for Dogecoin.

Price action has been forming lower highs, and the RSI has also been forming lower highs indicating that buyer momentum may be dropping off.

Dogecoin has had periods where it has moved independently from the market in the past.

This makes it possible that Doge could have a significant drop even if the rest of the market continues its recent bullish movements.

Key Takeaways:

  • Doge is forming a Doji candle on the daily showing indecision from traders.
  • Today’s trading session has been volatile so far with an intraday low forming around $0.0025 and an intraday high above $0.003.
  • Lower higher forming for hourly price action and the RSI would indicate that Doge could be setting up for a drop.

Doji Forming for Dogecoin [DOGE] As Bullish Market Conditions Continue was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.