The Dogecoin price (DOGE) and Basic Attention Token price (BAT) have experienced significant decreases throughout the month of May.
Dogecoin began an upward move at the end of the month. Will this continue in June? Meanwhile, BAT has yet to begin another move. When 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.
Triangle for Dogecoin Price (DOGE)
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, it was trading very close to the resistance line of the channel, after touching it for the fourth time.
Will the price break out from this triangle?
In order to answer that, we will analyze the price alongside the MACD and the 10- and 20-day moving averages (MA) below:
The price is trading above the 10- and 20-day MAs. Furthermore, a bullish cross between them occurred on June 4. This often indicates that an uptrend has begun.
Additionally, the MACD made a bullish cross on May 30.
The use of these indicators suggests that it is likely that the Dogecoin price (DOGE) will break out from the triangle.
If that occurs, where will the price find resistance?
Dogecoin Reversal Areas
In the case of a breakout, resistance areas can provide a reversal.
One resistance area is traced for DOGE below:
Do you want to BeInCrypto? Join our Telegram Trading Community for exclusive trading signals, educational content, discussions and project reviews! Images courtesy of Shutterstock, Trading View and Twitter.