It has been rather quiet and, at times, depressing around cryptocurrencies. Once the price heads south, it has a tendency to move fast and deep in that direction. Once those time come, we advise everyone to go hang in Dogecoin communities – the creativity of Doge holders in self-mocking will at least bring a smile to your face.
Now to the serious part of this article. Dogecoin chart is a mirror version of many other altcoin charts out there – weeks and weeks of slow value bleeding with a slight recovery in the last month. This is of course, when we express altcoin values in BTC. In terms of USD, it has been a rapid and painful jolt of loss.
As seen below, Dogecoin is about to hit a sturdy resistance at 30 sats, a zone it failed to pierce up ever since it broke below it back in July. Should Doge beat the level this time, a quick flight to Fib786 at 36 sats is plausible.
However, without a market wide move, Dogecoin is hardly capable of doing any spectacular solo move.
Total market analysis
Overall market has shown some signs of life and made a nice rebound from the local bottoms it touched last week.
Market cap is now at $224 billions and is about to hit confluence point of its moving averages that will act as its first resistance level on the way to recovery.
Make sure to store your XRP coins in a safe wallet. Here is a list of top XRP wallets.
Bear in mind that the data from Tradingview is a bit different from the one from coinmarketcap and Tradingview puts the overall market cap almost $8 billions lower than CMC.
As you can see, it is about to hit a horizontal resistance level of $219 billion and right above it is the meeting point of its moving averages. If the market cap manages to burst through these resistances, we are in for some nice gains market wide.
The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 38 points on this scale that uses 5 different source of information to calculate its value. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.
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