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Dogecoin Price Prediction: Will DOGE Break Out of the Triangle?

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Long-Term Outlook

Dogecoin Weekly Chart – Source Tradingview.com

A look at the Weekly chart for Dogecoin shows that the price has found support above the 200-period MA, inside the support area near $0.002.

Furthermore, it is trading right on the line with a 10-period moving average.

There has been minimal price movement since December 2018. The past two weekly candles have been bearish.

The MACD has made a bullish cross and is moving upward with strength, but is not positive yet.

The RSI is at 41, indicating neither overbought nor oversold conditions.

Medium-Term Outlook

Dogecoin 3-day Chart – Source Tradingview.com

A look at the 3-day chart shows that the price has been following a descending support line for the past 359 days.

Furthermore, we can see that there has been significant bullish divergence developing in the RSI since Dec 2018.

Also, the MACD is moving upward with strength but is not positive yet.

Dogecoin Daily Chart – Source Tradingview.com

A look at the daily chart gives us the minor resistance areas near $0.0022 and $0.0029.

The price has made multiple unsuccessful attempts at breaking out above the first resistance area.

The daily chart also gives us the first instance in which the MACD is positive. However, it has made a bearish cross and is falling sharply.

Short-Term Outlook and Price Prediction

Dogecoin 6-hour Chart – Source Tradingview.com

A look at the 6-hour chart shows that the price has been following an ascending support line for the past 36 days.

We can also see that the price is trading inside an ascending triangle, which is a bullish pattern.

However, the triangle is developing very slowly.

Price Prediction:

I believe that during this week the price will consolidate inside the triangle and possibly break out.

Conclusions:

  • Price is following a descending support line.
  • There is medium-term bullish divergence developing.
  • Price is trading inside an ascending triangle.

Latest Dogecoin News:

  • Bitcoin [BTC] & Dogecoin [DOGE] Price Analysis – Sharp Sell-off in Store for Bitcoin?

  • Dogecoin Price Prediction: Will Volatility Return to Dogecoin [DOGE]?

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: Will DOGE Break Out of the Triangle? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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