2019-1-29 14:34 |
Long-Term Outlook Dogecoin (DOGE) Weekly Logarithmic Chart – Source: Tradingview.com
A look at the Weekly chart for Dogecoin in logarithmic form shows that price is currently trading at $0.0019 at the bottom/slightly below the support area.
Price is trading below the 7,21,50 period moving averages and the Ichimoku cloud.
However, the price is still above the 200-period MA and it seems like it wants to find support above it.
Furthermore, the MACD is steadying itself, getting ready for a possible bullish cross.
Medium-Term Outlook Dogecoin (DOGE) 3-Day Chart – Source: Tradingview.comA closer look at the 3-day chart reveals that price is possibly following a descending support line.
Price is facing close resistance from the 7-period MA and is trading below every other MA.
Furthermore, we can see that there is a decreasing volume on the gains of the MACD.
However, there is a significant bullish divergence in the RSI developing since November.
Dogecoin Daily Chart – Source: Tradingview.comA look at the Daily chart shows that price retraced after failing to break the resistance from the Ichimoku cloud in early December.
Similar to the 3-day chart, the price has developed significant bullish divergence in the RSI.
However, the 7 and 21 period MAs have made a bearish cross, and the 7-period MA is providing close resistance to the price.
Short-Term Outlook and Price Prediction Dogecoin 6-Hour Chart – Source: Tradingview.comA look at the 6-hour chart shows that price is following a descending channel, possibly resembling a descending wedge (bullish pattern).
Furthermore, the RSI is below 30, indicating oversold conditions.
Dogecoin Price Prediction:I believe that price will consolidate in the channel for the next few weeks, not falling below the support area and 200-week MA outlined in the Weekly chart.
In the medium-long term, a move to the 0.003 area of resistance is possible.
Conclusions: Price is at the bottom of the support area. There is a bullish divergence in medium-term timeframes. Price is moving in a descending channel. Latest Dogecoin News:Dogecoin Price Action: Doge Drops Below Range Amid Bearish Market Movements
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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 Prediction: Doge Is at the Bottom of the Support Range, Will It Continue Its Fall or Move Upward? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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