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.
However, it is trading below the 50 and 100-period moving averages.
There has been minimal price movement since December 2018.
The past two weekly candles have been bullish.
The MACD has made a bullish cross and is moving upward with strength, but is not positive yet.
The RSI is at 42, indicating neither overbought nor oversold conditions.
A look at the 3-day chart shows that the price has been following a descending support line for the past 368 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.
The price is trading below the 50, 100 and 200-period moving averages.
A look at the daily chart gives us the minor resistance area near $0.0022.
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.
Furthermore, we can see that the price has been following an ascending support line since February.
The price is above the 50-period MA but below the 100 and 200-period ones.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that the price has been trading inside an ascending triangle for the past 50 days.
The triangle is developing very slowly with several unsuccessful attempts at breaking out.
I believe that during this week the price will consolidate inside the triangle and possibly break out.
- Price is following a descending support line.
- There is medium-term bullish divergence developing.
- Price is trading inside an ascending triangle.
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