Dogecoin has fallen by a whopping 15% since yesterday, following the bigger market trend as the whole crypto industry made a sharp turn to the south.
Let’s first see how does the chart of the overall market looks like:
As you can see, market is struggling to hold the old support zone at $219 billions. Next support in sight is the Fib382 at $206 billion. If this zone doesn’t hold, it is a wholesale for crypto. Surprisingly enough, the long awaited BAKKT had a completely reverse effect on the market from what was expected by the enthusiasts.
As for the Dogecoin status, Doge is barely in top 30 coins by market cap right now as its market cap shrunk to $256 million. Doge is close to its all time low against BTC, sitting at only 26 satoshis which is only 4 satoshis above its ATL that was 22 sats 20 days ago.
As seen from the chart, DOGE is buried below the Fib 786 and has a long way to go before reaching that zone which represents a first bigger resistance level.
Generally, crypto seems to be in a slump and Dogecoin nor any other altcoins has the firepower to make a move on its own so it is a waiting game right now. The smart ones among the traders are long hidden in Tether or some other stablecoin, preserving their coins and waiting for reversal signs before pouncing on the cheap bitcoins and other coins.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com