Dogecoin: Price Is Still Trading in a Downward Channel, When Will Doge Break Out?

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.com

A 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.com

A 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.com

A 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:

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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.