Most top cryptocurrencies are trading above their 2019 lows, but Doge has gone on to form a new 2019 low in today’s trading.
Doge initially formed a low for 2019 after breaking below support at $0.002.
Price has been trading in a downtrend since a price spike took place in mid-December.
$0.002 to $0.0023 has been an important price range for Doge and price managed to stay within this price range for two weeks before breaking to the downside.
Price had been meeting support at the former 2019 low but broke below after numerous tests.
The new low formed below $0.0018.
The current candle forming on the 6-hour chart is a Doji candle.
A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
The former low may now provide some resistance if price rises from here.
We can also see on the 6-hour chart the downward trendline providing resistance on multiple occasions.
Doge will either have to build sufficient buyer momentum to break above these resistance levels or continue its bearish decline.
- Doge underperforming other top cryptocurrencies as it forms a new 2019 low.
- Doge may meet resistance at the former 2019 low and has already met resistance at a downward trendline that has been forming since mid-December on numerous occasions.
- Price will have to build sufficient buying pressure to break above strong resistance or price is likely to continue its bearish declines.
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