At the beginning of June, the Dogecoin price initiated an upward move before the price began to decrease. Where will it go next?
Meanwhile, the Basic Attention Token price has yet to begin its upward move. Will it do so?
In order to answer these questions, we analyze the current short and medium-term movements of DOGE/BTC and BAT/BTC alongside an assessment of their technical indicators. In conclusion, we summarize our findings and compare both cryptocurrencies to see which has more potential for higher prices in the future. (Click here for our previous analysis.)
Dogecoin (DOGE) Price: Inside a Triangle
On May 6, the DOGE price reached a high of 45 satoshis. A rapid decrease began, which ended on May 13 with a low of 35 satoshis.
Since then, the price has been trading inside the symmetrical triangle outlined below:
At the time of writing, the DOGE price was decreasing towards the support line of the triangle, after making an unsuccessful attempt at a breakout on June 7.
Will it do so in the future?
In order to answer that, we will analyze the price alongside the MACD and the 10- and 20-day moving averages (MA) below:
A bullish cross between them occurred on June 4. This often indicates that an uptrend has begun. Afterward, the price increased and made an attempt at a breakout. This, however, was unsuccessful and the DOGE price is now trading below both MAs.
Additionally, the MACD made a bullish cross on May 30.
The occurrence of two bullish crosses suggests that it is likely that the Dogecoin price (DOGE) will break out from the triangle. However, the recent price decrease makes this more unlikely.
Below, we have outlined reversal areas for both a breakout and a breakdown.
Dogecoin Reversal Areas
In the case of a decisive move, resistance and support areas can provide a reversal.
One resistance and one support area are traced for DOGE below: