2019-2-1 12:54 |
Long-Term Outlook Dogecoin Weekly Chart – Source: Tradingview.com
A look at the Weekly chart for Dogecoin shows that price is currently trading at $0.00187, at the bottom of the support area of $0.0018-$0.002.
If the support area falls, the next one will be found at $0.001.
Price is trading below the 7,21,50 period moving averages and the Ichimoku cloud.
However, the price seems to have found support above the 200 period MA.
The RSI is at 38, indicating neither overbought nor oversold conditions.
The MACD is straightening, possibly setting itself up for a bullish cross.
Medium-Term Outlook Dogecoin 3-Day Chart – Source: Tradingview.comA look at the 3-day chart for Dogecoin shows that price is following a descending support line (solid green line).
Price is trading below all the moving averages and following a very close resistance from the 7-period MA.
The MACD is going up but losing power.
There is bullish divergence developing in the RSI.
Dogecoin Daily Chart – Source: Tradingview.comA look at the daily charts solidifies the findings of the 3-day chart.
Price is facing close resistance from the 7-period MA which has recently made a bearish cross.
The MACD rejected a bullish cross and keeps falling down.
There is an even more pronounced bullish divergence developing in the RSI.
Short-Term Outlook Dogecoin 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart gives us a structure in which price is trading in.
Price has been moving in a descending channel for the past month and a half.
There is some bullish divergence developing.
Price Prediction:I believe that price will consolidate in the channel for the next week, possibly breaking out during the end and heading for resistance at $0.0025.
Conclusions: Price is at the bottom of the support area. There is medium-term bullish divergence developing. In the short-term price is moving in a downward channel. Latest Dogecoin News:Dogecoin Technical Analysis: Price Meets Resistance at Former Range Low
Dogecoin Price Action – Doge Forms 2019 Low After Dropping Below Range
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Dogecoin: Price Is Still Trading in a Downward Channel, When Will Doge Break Out? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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